Have a look at this data and tell me if you think the concerns are overblown.
1. EIA report Sep 30, 2014 - Cushing stocks listed at 17,680,000 - (of note is that this equated to 25% of capacity)
Source: http://www.eia.gov/petroleum/storagecapacity/table1.pdf First
2. EIA data as at 30 March 2015. Cushing stocks were 58,900,000. Capacity = 4x17.6 or approx. 70 million. Just 11 million to go...yesterday added another 169,000 barrels.
Source: http://www.eia.gov/petroleum/supply/weekly/pdf/table4.pdf
Add to that Reuter's interpretation:
Surprise pause in Cushing oil stock rise likely blip, not trend
Source: http://www.reuters.com/article/2015/04/06/us-oil-inventories-cushing-idUSKBN0MX1JS20150406
Have a look at this data and tell me if you think the concerns...
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Last
$27.77 |
Change
-0.220(0.79%) |
Mkt cap ! $52.72B | |||
| Open | High | Low | Value | Volume |
| $28.03 | $28.09 | $27.76 | $84.48M | 3.035M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 13769 | $27.76 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $27.80 | 21115 | 4 |
View Market Depth
| Last trade - 16.10pm 22/05/2024 (20 minute delay) ? |
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Last
$27.77 |
Change
-0.220 ( 0.84 %) |
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| Open | High | Low | Volume | ||
| $28.02 | $28.08 | $27.77 | 538938 | ||
| Last updated 15.59pm 22/05/2024 ? | |||||
| WDS (ASX) Chart |