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Commodities Briefing - Categorized | Oil more

Oil: Return of the blob

Posted on 28 April 2014

The blob, yearning for the sea, has oozed south. And now it is stuck there. Or, put a tad more prosaically, the spread between the prices of Brent and West Texas Intermediate crude oils has rebounded to about $9 a barrel two weeks after hitting a low for the year of less than $3.70.
The blob is the Midwestern glut of crude oil resulting from production arising from the shale boom running into logistical bottlenecks. These have eased somewhat, allowing that oil to migrate south from the storage tanks at Cushing, Okla., toward the Gulf Coast. However, because there is a ban on exporting U.S. crude oil, the barrels’ journey ends there………………………………………..Full Article: Source


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VRS - who has written 36064 posts on Opalesque Commodities Briefing.


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