Stockpiles rose by 1.22 million barrels last week, following a 3.78 million jump the previous week that was the biggest since 2008. The inflows have pushed up stocks to 66.5 million barrels, within a whisker of the all-time record of 68.3 million set in May. With the promise of production cuts sending forward prices up, that’s encouraging traders and refiners to hold onto inventories, the last thing the Organization of Petroleum Exporting Countries wants to see.
"The near-term prognosis for Cushing balances is not particularly rosy," said Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd.
Saturday, December 17, 2016
OPEC Threatened by Tiny Oklahoma Town With Soaring Supplies
And supplies keep growing and growing...