Collecting Crude
03/23/2015 |
US crude oil inventories are at 29 days, their highest level since 1985, and are at 60% of storage capacity vs. 48% a year ago. In Cushing, OK (the delivery point for WTI futures contracts) inventories are at 77% of capacity at 54.4 million barrels. That was 100% of capacity as recently as 2011, but Cushing has been on a tank farm building spree since. Cheap oil persists through 2015.