 鲜花( 21)  鸡蛋( 0)
|
Another Big Reason to Think Oil Prices Aren't Going Up Soon% G1 B0 v: e: C/ r2 a
g# `$ j+ @1 ?6 ~by Tom Randall
% l9 ^- G @; w9 b$ O) n
! m5 A: F; w$ D. E( lOil just had its first weekly decline in a month, breaking a rally in crude prices. A bit of context: After what's happened over the last year, "rally" seems a bit of an overstatement.
: _, O5 N! s- F0 X/ ]' k) i8 AOil 'Rally'* _# q* l0 M" h5 l: e4 Y
( q" T& U7 d& g4 u3 H
One big factor that may be driving prices down this week: The U.S. is pumping so much oil it's running out of places to stash it.
: R+ n( ~8 Z; I+ w \Crude oil in storage in the U.S. has jumped to the highest levels in at least 80 years, according to a Bloomberg Industries analysis. The EIA this week reported that U.S. inventories rose 7.7 million barrels to 425.6 million. That's more than 20 percent higher than the five-year average.
5 C8 T- N2 J1 X6 Q4 x& ^U.S. Oil Inventories Reach 80-Year High7 A+ F% b# n/ x) [1 Y* @. g
: b& J& D9 q8 Z+ `+ X
The buildup of supply has been "colossal" and is responsible for oil prices falling this week, Thomas Finlon, director of Energy Analytics Group LLC, told Bloomberg News.
' A& l- m1 c; p" WWinter weather and refinery outages have contributed to the supply glut. Even when those conditions subside, topped-out inventories and continued production growth may continue to suppress oil prices for the near- and medium-term, according to Bloomberg Industries. / B& }! _4 I. f7 u
Meanwhile, the U.S. is pumping oil at a faster pace than any time since 1972.
, Q$ U" T1 Z7 E9 R G$ F5 ` & m7 u1 R+ G% E* t% `* a
U.S. oil production since 1983. Source: EIA0 S2 X6 d& ?7 {; k y5 ~5 Z
' P" d4 |2 c+ K8 { A3 |9 Q: i# @. a! ?4 L |
|