US oil surplus creates problems for industry
Tuesday, February 9, 2016
At the Nymex terminal complex in Cushing, Oklahoma, crude oil storage tanks were 88 percent full at the end of January, MarketWatch reports. The tanks hold 73.014 million barrels of crude oil.
Cushing is the New York Mercantile Exchange’s crude contract delivery point. It is also a blending station.
The U.S. oil surplus has forced prices down. Crude oil continues to come from the Gulf Coast, by rail from Canada and by domestic oil production. According to the source, if supplies grow too much, they will not be able to be moved from storage tanks to pipelines easily.
Via: MarketWatch > Oil industry woes grow as storage levels hit ‘critical level’
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