.png)
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo NEW YORK, June 21 (Reuters) – U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. Advertisement · Scroll to continue "We’re going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. "The supply side continues to remain tight if you look at the big picture." A spate of unexpected refinery outages in the Midwest have added to the inventories, which rose to 42.1 million barrels in the week to June 9, the highest since June 2021, Energy Information Administration data showed. IIR Energy was tracking 579,000 barrels per day (bpd) of oil offline in May in the central U.S., double the 256,000 bpd offline the same month […]
CamTrader offers a preview only. View original article. www.reuters.com
