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OIL
U.S. crude stockpiles the Cushing storage hub are at a 14-month low amid strong refining and export demand, sparking concerns about the quality of the remaining oil, according to Reuters.
- Cushing's levels fell below 23m bbl by Sep. 15, the lowest since July 2022. Analysts expect as much as a 1m bbl draw in the week to Sept. 22.
- Tank storage of below 20 million barrels, between 10%- 20% of its 98m bbl of capacity, is close to operational low, below which oil is difficult to remove.
- "If you let the crude (level) drop too low, the crude can get sludgy and you can't get it out. What does come out - you won't be able to use," said Carl Larry, a sales director at energy consultants Wood Mackenzie.
- Some analysts think seasonal refinery maintenance will help crude stocks build, but others warn that refiners are likely to exit maintenance quickly and run high rates to meet high demand.
Source: EIA
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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