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Crude stocks at Cushing, Oklahoma, the delivery point for U.S. futures, are falling toward operational minimum levels. Brent traded near $94 and WTI above $90 on strong global demand.
Concerns are growing about the quality of remaining oil and whether storage can keep supplying the market.
Low Cushing inventories compound the supply tightness from OPEC+ cuts and could push prices higher if drawdowns continue. Physical delivery constraints can also widen spreads and add volatility.
reuters.comArathy Somasekhar, Stephanie KellySep 26, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
