New York-Crude inventories at the New York Mercantile Exchange light sweet contract delivery point in Cushing, Oklahoma climbed another 1.459 million barrels to 33.487 million barrels last week, despite an overall draw in US crude stocks of 5.815 million barrels, according to data released December 8 by the American Petroleum Institute. The steepening contango at the front of the NYMEX crude curve has provided an incentive to store barrels at Cushing. The January/ February spread on NYMEX settled at minus $2/barrel December 8.
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