Dwindling US crude supply starts impacting global oil prices
Thursday, October 28, 2021
Dwindling stockpiles in America’s largest oil storage hub in Oklahoma are behind the latest jump in oil prices, according to Bloomberg.
Traders are concerned stockpiles in Cushing will fall as low as they can, which has sent gauges of market health soaring to their highest levels in years.
Cushing is one of the largest storage hubs in the world and determines U.S. crude feature prices. Supply and demand balances at Cushing drive daily oil trading worth hundreds of millions of dollars. The higher the cost of oil for quick delivery relative to future contracts reflects how short supply is compared to demand currently.
Learn more: World Oil > Falling U.S. crude supply begins to impact global oil prices
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