Offshore Crude Backlog Haunts Oil Price Recovery

21 Apr 2017   Oil Supply, Prices

Oil is trying to recover after yesterday’s shellacking, but oversupply fears still remain. As rumors and murmurs circulate about an extension to the OPEC production cut, hark, here are five things to consider in oil markets today: 1) Yesterday we mentioned how we’re seeing a strong influx of arrivals into the U.S. Gulf Coast from the Middle East this week (something we originally alluded to last month ). This is in response to an increase in March loadings heading to the U.S., after Middle East producers favored sending crude to Asia in January and February. That said, while we are seeing increasing arrivals into the U.S. Gulf, it may not necessarily translate to higher imports this week. After reaching its lowest point since last September early last week, crude waiting offshore in the U.S. Gulf has been rising, up over 9 million barrels in the last ten days: (Click […]

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