Supply from U.S. shale basins seen rising 131,000 b/d in April WTI front spread near contango as Cushing stocks seen steadier Oil fell on speculation that growing shale production will stem the drawdown of inventories from the biggest U.S. hub. West Texas Intermediate futures dropped 1.1 percent after a government report showed further expansion in shale output. Output from major U.S. shale regions is forecast to rise 131,000 barrels a day in April, government data show. Stockpiles in Cushing, Oklahoma, the delivery point for futures contracts, were little changed after 11 straight weeks of declines, according to a Bloomberg forecast . The spread between April and May futures narrowed to 3 cents. “I would not at all be surprised if we see a slight build in Cushing for the first time in 12 weeks,” Thomas Finlon, director of Energy Analytics Group Ltd., said in a phone interview. “I see […]