By tomhanna, 1 year and 8 months ago
Time to talk oil glut?
US petroleum inventories have become exceptionally strong over the last couple of weeks, with big increases this week in crude oil and major refined product categories. With crude oil inventories above the average range for the season and the major refined products all at least in the upper half of their average ranges in absolute terms and well above average in days of supply, it's reasonable to talk about a supply glut in the US. Between commercial inventories and the Strategic Petroleum Reserve, there is over 100 days worth of crude oil imports in storage (over 500 days worth of Persian Gulf sourced imports) and substantial domestic production increases coming on line in the next few months even as demand continues to erode.
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