Tag: Cushing
Transportation constraints, export costs widen Brent-WTI crude oil price spread
China is second-largest destination for U.S. crude oil exports In its Nov. Short-Term Energy Outlook (STEO), EIA forecasts the price difference between West Texas Intermediate (WTI) crude oil priced at Cushing, Oklahoma, and Brent, the global crude oil price benchmark, to remain at $6 per barrel (b) through the first quarter of 2018 before narrowing to $4/b […]
US crude stocks rise, production up again: EIA
US crude stocks up by 1.5 million barrels US crude stocks rose last week despite an increase in refinery output, while gasoline and distillate inventories dropped, according to the Energy Information Administration. The EIA reports crude inventories rose by 1.5 million barrels last week which is lower than analysts’ expectations of an increase of 3.1 million […]
US crude oil storage capacity utilization rises even as storage capacity grows
Largest crude oil storage capacity expansions since Sept. were in Midwest (19 million barrels), Gulf Coast (13 million barrels) regions The weekly US commercial crude oil inventories have increased by more than 71 million barrels (15%) since the end of Sept., according to the US Energy Information Administration. This pushed crude oil storage capacity utilization […]
With big outages in oil supply, buyers tap plentiful storage
Total U.S. crude inventories near peak, up 61 million barrels from year ago By Libby George and Catherine Ngai NEW YORK, May 19 (Reuters) – Oil traders from Houston to the North Sea are tapping into plentiful storage onshore and offshore, evincing little sign of concern yet about mammoth supply losses from Canada to Nigeria […]
Crude oil storage, capacity increased in Cushing, US Gulf Coast
US Gulf Coast region contains 55% of nation’s crude oil storage capacity, Cushing contains another 13% Commercial crude oil storage inventories in Cushing, Oklahoma (located in Petroleum Administration for Defense District 2) and the U.S. Gulf Coast (PADD 3) totaled a record-high 309.4 million barrels as of the week ending November 27, according to the US […]
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