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Hans
02-06-2016, 10:54 PM
The U.S. now has nearly 503 million barrels of commercial crude oil stockpiled, the Energy Information Administration said on Wednesday. It's the highest level of supply for this time of the year in at least 80 years.

Oil stockpiles are so high that certain key storage locations are now "bumping up against storage and logistical constraints," according to Goldman Sachs analysts. In other words, these facilities are nearly overflowing.

Cushing, Oklahoma is the delivery point for most of the oil produced in the U.S. This key trading hub is currently swelling with 64 million barrels of oil. That represents a near-record 87% of the facility's total storage capacity as of November, according to the EIA.

"There is a fear of tank topping in Cushing. We're seeing it get to its brims," said Matthew Smith, director of commodity research at ClipperData.

http://money.cnn.com/2016/02/04/investing/oil-prices-space-us-inventories-supply-glut/index.html?sr=cnnmoneybin020616oil-prices-space-us-inventories-supply-glut0900vodtop

I remember some time ago stating we should stick it to them and not gas up, so the stock would overflow.
Looks like we did not even have to do it.

Will be interesting to see what they are going to do when they run out of storage space.

RWGR
02-07-2016, 11:41 AM
and global warming is real ...

BFLPE
02-07-2016, 12:16 PM
Don't worry Hans, they won't run out of space.

"If crude oil storage increases maintain that same rate, it will take more than two years to fill the remaining 140 million barrels of capacity in existing tanks...

Storage has become an issue again because demand is falling and producers are cutting production as slowly as they can in order to maintain cash flow, no matter how limited. Will demand pick up before the tanks overflow? Almost certainly..."
http://247wallst.com/energy-economy/2016/02/04/are-us-crude-oil-storage-tanks-about-to-overflow/

IMHO
02-07-2016, 12:41 PM
Maybe it is time for a gas sale...that should bring down the amount needed for storage. I am told gas in thunder Bay is selling for around 70 cents a litre. I guess we continue to be ripped off locally.

Barry Morris
02-07-2016, 05:21 PM
Maybe it is time for a gas sale...that should bring down the amount needed for storage. I am told gas in thunder Bay is selling for around 70 cents a litre. I guess we continue to be ripped off locally.

http://www.ontariogasprices.com/GasPriceSearch.aspx

Hans
02-07-2016, 06:40 PM
Don't worry Hans, they won't run out of space.

"If crude oil storage increases maintain that same rate, it will take more than two years to fill the remaining 140 million barrels of capacity in existing tanks...

Storage has become an issue again because demand is falling and producers are cutting production as slowly as they can in order to maintain cash flow, no matter how limited. Will demand pick up before the tanks overflow? Almost certainly..."
http://247wallst.com/energy-economy/2016/02/04/are-us-crude-oil-storage-tanks-about-to-overflow/

Oh, I have a feeling they will run out of space. In fact, I predict it.

Hans
02-07-2016, 06:44 PM
http://www.news.com.au/technology/gadgets/famous-predictions-that-were-spectacularly-wrong/story-fn6vihic-1226889769437