Crude Falls As Stocks Up Again
Crude oil is below $36/barrel after the US Energy Department pegged US stocks at 350.8 million barrels.
Supplies at Cushing, Oklahoma, where crude oil traded on Nymex is stored, rose 1.7 percent to 34.9 million barrels, the highest on record.
All this despite US refineries operating at 81.6 percent of capacity, the lowest since the period ended Oct. 3 when the Gulf Coast was recovering from hurricanes Gustav and Ike, and OPEC pumping 950,000 barrels a day less than in December.
Supply is still very clearly outstripping demand.
Supplies at Cushing, Oklahoma, where crude oil traded on Nymex is stored, rose 1.7 percent to 34.9 million barrels, the highest on record.
All this despite US refineries operating at 81.6 percent of capacity, the lowest since the period ended Oct. 3 when the Gulf Coast was recovering from hurricanes Gustav and Ike, and OPEC pumping 950,000 barrels a day less than in December.
Supply is still very clearly outstripping demand.