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OILX - Oil - No Cushing Tank Top As Production Shut-In Magnifies
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the shut-in edition of Oil Markets Daily!
Cushing won't be hitting tank top this time around. Genscape reported that last week saw a decent-sized draw of 1.8 mbbls. As we go into May and June, production shut-ins are going to be even bigger than April making it very likely that US crude storage is about to hit a peak in the next 2-weeks.
Source: EIA, HFI Research
As of the public announcements so far, Energy Aspects is estimating close to ~1.4 mb/d of shut-ins in the US for May and June.