{"id":65792,"date":"2023-09-26T06:44:26","date_gmt":"2023-09-26T11:44:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65792"},"modified":"2023-09-26T06:44:26","modified_gmt":"2023-09-26T11:44:26","slug":"oil-can-push-higher-as-cushing-stockpiles-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65792","title":{"rendered":"Oil Can Push Higher As Cushing Stockpiles Collapse"},"content":{"rendered":"<header class=\"ArticleFull_header__z0vIZ\">\n<h3 class=\"ArticleFull_title__FDrpw\"><a href=\"https:\/\/www.zerohedge.com\/markets\/oil-can-push-higher-cushing-stockpiles-collapse\">Oil Can Push Higher As Cushing Stockpiles Collapse<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__2jyAd\">\n<div class=\"NodeContent_body__HBEFs NodeBody_container__eeFKv\">\n<p>Crude prices will likely get a fresh boost this week, as stockpiles at the key US storage hub in Cushing, Oklahoma, risk collapsing to the lowest level (aka &#8220;tank-bottoms&#8221;) in almost a decade.<\/p>\n<p>Such a move would embolden those aiming for a return of $100 oil by year-end.<\/p>\n<figure class=\"caption caption-img inline-images image-style-inline-images\" role=\"group\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/cushing%20teaser.jpg?itok=fmncoffB\" alt=\"\" width=\"500\" height=\"281\" data-entity-type=\"file\" data-entity-uuid=\"2db14696-beff-492e-8b94-fa12c776d342\" data-responsive-image-style=\"inline_images\" \/><figcaption><em>Cushing storage tanks<\/em><\/figcaption><\/figure>\n<p>Cushing matters. Being the delivery point for the WTI futures contract, the rise and fall of the holdings is among the market\u2019s most closely followed trends. So far in 3Q,\u00a0<strong>inventories\u00a0have slumped by ~47% to 22.9m barrels.\u00a0<\/strong>That\u2019s the lowest since July 2022 and that\u2019s not far away from the 2014 lows.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm8D5D_4_0.jpg?itok=00eOoj6n\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm8D5D_4_0.jpg?itok=00eOoj6n\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm8D5D_4_0.jpg?itok=00eOoj6n\" alt=\"\" width=\"500\" height=\"306\" data-entity-type=\"file\" data-entity-uuid=\"e452f2f4-e78b-4814-8dc7-deb5da31c6a4\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>If that comes to pass, it\u2019d highlight the scramble for near-term supplies as the global market tightens up.<\/p>\n<p>Estimates come on Tuesday, followed by the\u00a0official print\u00a0the next day.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil Can Push Higher As Cushing Stockpiles Collapse Crude prices will likely get a fresh boost this week, as stockpiles at the key US storage hub in Cushing, Oklahoma, risk collapsing to the lowest level (aka &#8220;tank-bottoms&#8221;) in almost a decade. Such a move would embolden those aiming for a return of $100 oil by [&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":[2,3],"tags":[33939,184,4166,33938,592,4044,4318],"class_list":["post-65792","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-bloomberg-markets","tag-crude-oil","tag-cushing","tag-jake-lloyd-smith","tag-oil-price","tag-oil-storage","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65792","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=65792"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65792\/revisions"}],"predecessor-version":[{"id":65793,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65792\/revisions\/65793"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}