US oil storage is as soon as once more approaching capability


Inventories at Cushing are simply over 80% of capability 

The availability glut causes are acquainted from earlier within the 12 months, primarily surrounding demend destruction as a consequence of lockdown measures, though, at this stage a return to unfavourable costs seems unlikely.

Wooden Mackenzie:

  • Refineries are coming again on-line …  “Whilst these amenities come again on-line, we’re seeing extra inflows into Cushing overshadowing elevated demand” 

Provides Bloomberg:

  • The construction of oil’s so-called futures curve has additionally motivated merchants to retailer barrels. WTI has been in contango, when nearer-dated contracts are at a reduction to later-dated ones. That signifies that, if the hole is broad sufficient, merchants could make a revenue by storing crude to promote it at a better worth later, when the glut eases.