{"id":17665,"date":"2016-02-11T13:37:00","date_gmt":"2016-02-11T18:37:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17665"},"modified":"2016-02-11T13:37:00","modified_gmt":"2016-02-11T18:37:00","slug":"the-most-ominous-warning-that-oil-storage-is-about-to-overflow-has-arrived","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17665","title":{"rendered":"The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-11\/most-ominous-warning-oil-storage-about-overflow-has-arrived\" target=\"_blank\">The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived<\/a><\/h3>\n<div class=\"node\">\n<div class=\"content\">\n<p dir=\"ltr\"><strong>It was just last week\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-05\/first-warning-sign-cushing-may-be-about-overflow\">when we said<\/a>\u00a0that Cushing may be about to overflow in the face of an acute crude oil supply glut.<\/strong><\/p>\n<blockquote>\n<blockquote>\n<div class=\"quote_start\">\u201cEven the highly adaptive US storage system appears to be reaching its limits,\u201d we wrote, before plotting Cushing capacity versus inventory levels. We also took a look at the EIA\u2019s latest take on the subject and showed you the following chart which depicts how much higher inventory levels are today versus their five-year averages.<\/div>\n<p dir=\"ltr\"><img decoding=\"async\" src=\"http:\/\/www.eia.gov\/todayinenergy\/images\/2016.02.04\/main.png\" alt=\"graph of difference in inventory levels as of January 22, 2016 to previous 5-year average, as explained in the article text\" border=\"0\" \/><\/p>\n<\/blockquote>\n<\/blockquote>\n<p>And now with<strong>\u00a0major US refiners dumping crude<\/strong>,\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-10\/bloodbath-black-gold-buffetts-phillips-66-dumps-oil-cushing-crashes-crude-spreads-5-\">as we detailed overnight<\/a>, those fears are surging.<\/p>\n<blockquote>\n<div class=\"quote_start\">U.S. Energy Information Administration data on Wednesday showed inventories at the Cushing, Oklahoma delivery hub hit a record 64.7 million barrels last week &#8211; just 8 million barrels shy of its theoretical limit &#8211;<strong>\u00a0stoking concerns that tanks may overflow in coming weeks<\/strong>.<\/div>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2016\/02\/10\/20160210_oil2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2016\/02\/10\/20160210_oil2_0.jpg\" alt=\"\" \/><\/a><\/p><\/blockquote>\n<p><strong>And now, given the &#8220;super-contango&#8221; in 3-month it is extremely clear that storage concerns are at their highest in 5 years&#8230;<\/strong><\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2016\/02\/11\/20160211_WTICON.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2016\/02\/11\/20160211_WTICON_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>Simply put, as one trader noted,\u00a0<em><strong>speculators are now &#8220;making the leap to Cushing storage never being more full&#8230; will actually overfill, or even stop taking crude oil deliveries outright.&#8221;<\/strong><\/em><\/p>\n<\/div>\n<p><strong>It was just last week\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-05\/first-warning-sign-cushing-may-be-about-overflow\">when we said<\/a>\u00a0that Cushing may be about to overflow in the face of an acute crude oil supply glut.<\/strong><\/div>\n<div class=\"node\"><\/div>\n<div class=\"node\">\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Most Ominous Warning That Oil Storage Is About To Overflow Has Arrived It was just last week\u00a0when we said\u00a0that Cushing may be about to overflow in the face of an acute crude oil supply glut. \u201cEven the highly adaptive US storage system appears to be reaching its limits,\u201d we wrote, before plotting Cushing capacity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[4333,184,3044,595,4044,596,2826,9435],"class_list":["post-17665","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-crude","tag-crude-oil","tag-oil-glut","tag-oil-production","tag-oil-storage","tag-oil-supply","tag-oklahoma","tag-zero-hedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17665"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17665\/revisions"}],"predecessor-version":[{"id":17666,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17665\/revisions\/17666"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}