Oil Traders Ask, 'What Glut?'

Source:

"Oil inventories in the Midwest and Cushing, Oklahoma, fell to their lowest this year. Midwest stocks are now lower than they were a year ago."

Reuters, Joshua Schneyer

oil

The latest U.S. oil inventory data contradict a widely held notion among oil traders that a huge glut of Canadian and U.S. shale crude oil is accumulating in the middle of the United States and causing the record gap in global oil benchmark prices.

Instead, U.S. commercial crude oil inventories in the Midwest and Cushing, Oklahoma, fell last week to their lowest this year. Midwest, or PADD 2 stocks, are now lower than they were a year ago, the first time in over 12 months that they have fallen below year-earlier levels. . .View full article

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