28FEB2019 - NEWS - Crude inventories in West Texas fell last week to the lowest level in four months

Crude inventories in West Texas dropped this week to the lowest in four months after a converted pipeline began transporting crude from the nation’s biggest shale oil field to the U.S. Gulf Coast. The drop in storage in the Permian Basin is another sign that new pipelines out of the region have begun to alleviate a crude bottleneck that depressed local crude prices as production overwhelmed pipeline capacity and filled storage tanks. Crude inventories in the Permian Basin fell to 15 million barrels in the week to Feb. 19, the lowest since October and down from a record 22 million barrels in November. That glut had doubled in size from 11 million barrels in June.

Published by Editor - www.Livebunkers.com at 28-Feb-2019 06:20:34 [UTC] , contact editor at editor@livebunkers.com