- Analytics
- News and Tools
- Market News
- Oil: Storage issues – Westpac
Oil: Storage issues – Westpac
FXStreet reports that based on EIA data published for the week ended 22nd March last week, there were no real issues in terms of storage. However, that is all about to change, in the opinion of Robert Rennie from Westpac Institutional Bank.
"Given the current backdrop of what could be as much as a 15mbpd shock to global demand coinciding with what could be as much as a 5mbpd shock increase to global crude supply, the focus in paper crude markets will very quickly turn to storage capacity."
"Industry anecdotes are suggesting that pipes are beginning to fill and crude that was being piped to the gulf is suddenly becoming landlocked. Such is the case with WTI Midlands.
"Assuming the current supply/ demand picture continues, we tend to see this as a glimpse of what may be to come for WTI - a drop into the 'teens'."
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
