Decelerating Cushing Drain Eases WTI Pressure

摘要

The rapid draining of crude inventories in the crucial Cushing, Oklahoma trading hub has slowed and is expected to reverse on rising US production and Canadian exports, which would ease upward pressure on spot prices for US crude. Inventories in Cushing have dropped to three-year lows , which immediately translates into higher prompt prices for the Nymex West Texas Intermediate(WTI)crude contract-which gets priced at Cushing-and all US grades priced off the benchmark. Traders say the drop was mostly the result of linefi ll for the Enbrige Line 3 pipeline renewal and the reversal of the Capline, which both gobbled up Canadian exports and some light US oil that otherwise could have ended up in Cushing.