Link to Tsvetana Paraskova, and archived here:
- stocks at Cushing have halved since April 2020 market rout
- storage at Cushing alone has the potential to really rally the market to the moon
- the WTI-Brent spread is now at the narrowest it has been in just over a year
RBN Energy has also addressed the storage issue at Cushing recently, but it raises the question: if Cushing's stocks are so low, a) why is WTI still only at $82 (went down today); and, b) why is number of days of crude oil in US storage still at a relative robust 28 days?
Where is all that oil?
By the way, at the other end of the spectrum, apparently the bottom has fallen out of western heavy Canadian oil -- no one wants heavy, sour (high sulfur) oil. Even as the WTI-Brent spread narrows, the WTI-western Canadian oil spread is about as wide as it's been in a very long time.
So, folks prefer WTI and Cushing is run out of WTI. Pretty amazing.
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