3 May 2024
Pricewatch - Bulging US oil stocks weigh on market
Publication date: 09 March 2017
Gas Strategies Group
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Crude oil front-month futures fell to three-month lows on Wednesday in part due to stockpiles in the US rising to a new record high, a bearish signal that has appeared numerous times since prices began tanking in the second half of 2014.
West Texas Intermediate and Brent contracts last closed around 5% lower day-on-day at USD 50/barrel and USD 53/barrel, respectively, showing sizeable discounts to most other prices seen since early December 2016.