U.S. oil-storage glut expands faster than expected http://bloom.bg/1EvN2O4
America has raised the roof again.
That’s what the roofs of oil storage tanks do — they rise and
fall depending on the volume of oil inside. And America’s oil in storage
just hit a new record after surging for the 10th consecutive week.Stockpiles rose 9.6 million barrels, or 2.1 percent, to 458.5 million barrels last week, the EIA reported today. Analysts had expected an increase of 4.4 million barrels. The amount of oil the U.S. is cranking out also rose, for the sixth consecutive week, to a rate of 9.42 million barrels a day.
Oil investors have been glued to the levels of storage tanks, which have been climbing steadily since the oil-price crash started last year. American stockpiles are more than 25 percent above their five-year average. Inventories aren’t likely to max out, but even the possibility of that happening is adding pressure to an oversupplied oil market.
http://www.bloomberg.com/news/articles/2015-03-18/u-s-oil-storage-glut-expands-faster-than-expected?hootPostID=51efc55bc2760097bd9cd44e64275e61
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