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Category: Market

Kemp: Oil Market Shrugs Off Worries About Crude Stocks

March 13, 2015 Posted by Chris Wysong

Reuters analyst John Kemp writes on why he doesnt think traders see danger of a storage crisis in the second half of the year. Kemp: Oil Market Shrugs Off Worries About Crude Stocks By: John Kemp (Reuters) LONDON, March 11 (Reuters) - Oil watchers have spent much of the last two months speculating about whether overproduction and the rapid accumulation of crude oil inventories in the United States would cause storage space to run out and trigger another fall in spot prices. Commercial crude stocks held at refineries, tank farms and in pipelines across the United States have surged by more than 63 million barrels, an average of more than 6 million barrels per week, this year and are at their highest since the 1930s, according to the U.S. Energy Information Administration (EIA). The volume of crude in storage last week was almost 80 million barrels higher than the corresponding week in 2014, and 106 million barrels above the 10-year average. (http://link.reuters.com/qym34w) Storage

Posted in Crude, Oil, Market
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