There is one day left before the delivery date of WTI futures delivered in May,

It seems that there is only one way for Wall Street traders-

Sell! All sold!

No matter what the price, you must close the position!

Why?


Crude oil inventory space strangles the neck

The new coronary pneumonia epidemic has allowed global oil demand to fall freely, but oil rigs have not Easy to stop, OPEC + 9.7 million barrels / day production cut share in the short term is a slack. The extra crude oil on the market is bound to be stored, but where does it exist?

A sad news-basically nowhere.

The physical delivery of WTI (West Texas Light Crude Oil) futures is in Cushing, Oklahoma, USA. As we all know, the crude oil traded is often not at the delivery site and must be transported to the oil storage facility at the delivery site first. But what about Cushing’s crude oil storage space now?

Genscape reported on April 20 that as of the week of April 17, Cushing ’s crude oil inventories increased to 61 million barrels, and Cushing ’s total crude oil inventory capacity was approximately At 78 million barrels, facing the risk of inflation.


Cushing oil storage tank

Platts Energy estimates, global crude oil storage The capacity is 1.4 billion barrels, but at the end of this month, the reserves will reach 1.3 billion barrels, and the remaining space of 100 million barrels of inventory will remain. According to IEA monthly oil market report statistics, March