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Already at a 34 percent drop in the WTI futures price in May, the price pressure is not yet easing. The exchange rate was also close to $ 11, incredible what we see. Where will the fall end? The June contract subscription, meanwhile, is above $ 22.
Meanwhile, Brent is also not spared, his price is already falling by more than 6 percent.
Marketwatch reported that Cushing, Oklahoma, had 55 million barrels of oil in storage on Friday. The highest inventory level ever measured in April 2017, when there were 69 million barrels in stock. There could be 92 million barrels of total storage capacity in Cushing, with another 37 million barrels of storage capacity available. Assuming the current weekly stock growth rate of 5 million barrels, local oil storage could be full in two months.
North Sea Brent is in a much better position in this regard, as one type of marine oil may have less limited storage capacities than an onshore variety such as WTI.
However, the huge contingent predicts that investors are confident that there will be a rapid improvement in oil supply and demand from month to month.
Cover image: Taylor Weidman / Bloomberg via Getty Images
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