09.05.2013 - What can make WTI crude oil prices to average $90/bbl in 2013
US crude oil inventories are increasing across the board. Commercial crude stocks in the US are sitting at 395 million bbls, an all-time high level and only 37 million bbls away from what Bank of America Merrill Lynch estimates to be tested maximum storage capacity. True, stocks at Cushing, Oklahoma—the pricing point for WTI—fell to 49.8 million bbls in the last available report, briefly pushing prices above $96/bbl. But as other sites fill up, the Oklahoma hub may now hold nearly 45% or 16 million bbls of the country’s total tested spare capacity, a report from the Bank noted...............................................Full Article: Source
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