The U.S. Energy Information Administration reported that Cushing crude oil stocks rose by 36,000 barrels to 65 MMbbls for the week ending February 12, 2016. Meanwhile, the nationwide crude oil inventory rose by 2.1 MMbbls to 504.1 MMbbls for the same period. To learn more, read Crude Oil Inventory Report Is a Bearish Catalyst for Oil Prices. For more on refined products, read Rising US Gas Inventories Pressure Crude Refiners, Oil Prices and US Distillates Add Fuel to the Fire in an Oversupplied Oil Market. New pipelines coming online in 2015 led to a record rise in crude oil stocks. Long-term oversupply concerns led to the rise in Cushing storage capacities. The pipeline infrastructure in this area is the Keystone pipeline. It’s owned by TransCanada (TRP). As a result, Cushing crude oil stocks hit a new record. The current Cushing stocks are the highest ever. They’re also 50% more than the levels last year. The rise in Cushing crude oil stocks will continue to support crude oil exports. However, the current WTI-Brent spread makes US crude oil exports unviable.
Iraq exported oil at the fastest pace since late 2016 during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits.
Crude shipments during the first two weeks of the month were 4.05 million barrels a day, the highest since November 2016, according to tanker tracking and port agent data compiled by Bloomberg. That’s 6 percent higher than the daily average of exports for all of June. Preliminary tanker tracking data is subject to change because shipments can be delayed and the average for a full month can be higher or lower.
Exports from the Middle Eastern country could be even higher if the central government and the administration in the semi-autonomous Kurdish region solve a dispute over oil revenue that’s blocked federal exports from using a northern pipeline to Turkey, the International Energy Agency said this month.
more at source: https://www.msn.com/en-us/finance/markets/iraq-exported-most-crude-oil-since-november-2016-this-month/ar-AAAbOvg