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Expert Commentary: Flood Of Imported Crude Caps Oil Prices

OilPrice.com Friday, 13 January 2017 ()
- In recent notes we’ve cited output gains in Libya, stubbornly high Cushing inventories and OPEC skepticism as the key bearish culprits keeping a lid on an otherwise tightening crude market. This week we have another item to add to that list: a flood of imported oil into the US Gulf Coast. Wednesday’s EIA report revealed a larger than expected crude oil inventory build of 5m bbls due to a staggering 4m bpd of imports (4yr high) into the US Gulf Coast. Crude oil inventories in PADD III are now higher y/y by 14% as a result of the elevated…
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News video: Crude Slides on U.S. Oil Supply Predictions

Crude Slides on U.S. Oil Supply Predictions 02:44

Jan.18 -- Janus Equity Research Analyst Kris Kelly discusses the price and production of oil. He speaks on "Bloomberg Daybreak: Americas."

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