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Politics : Peak Oil reality or Myth, of an out of Control System
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From: dvdw©8/19/2013 10:38:35 AM
of 1580
 
Excellent piece describing the unwinding of Cushing storage. Most readers may not get what this means, so we'll just note that Cushing volumes were accumulated over a long period of time, those volumes were owned primarily (%) by garchs. The information in the article is now telling us all about what is going on, these moves are to be expected as the reality of domestic supply disconnects from the last 10 years of trending scarcity as a standard operating procedure..

All happening under the terms of the Variable, Times role, in shaping capital.

Rollin’, Rollin’, Rollin’ on the River of Crude – The Cushing Floodgates Open

published by Sandy Fielden on Sun, 08/18/2013 - 10:00

The recent dramatic narrowing of the WTI discount to Brent to around $3/Bbl (from $23/Bbl in February) took place at the same time as Cushing, OK crude inventories fell by 23 percent. Both these events have been trumpeted as signaling an end to the three-year logjam preventing landlocked crude supplies from reaching the Gulf Coast by pipeline. Yet the turnaround in Cushing inventories owes as much to declining inflows to Cushing from Canada and West Texas as it does to a flood of crude to the Gulf Coast. An uptick in refinery consumption in the Midwest and falling prices on the CME NYMEX West Texas Intermediate (WTI) futures market (backwardation) have also played an important part in the drop in Cushing inventories. Today we look at what lies behind the crude inventory slide.

Full article here:
rbnenergy.com
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