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SCO - PADD 3 Refineries Hoarding Crude? This Makes Sense Given Linefill
ProShares UltraShort Bloomberg Crude Oil
Welcome to the hoarding edition of Oil Markets Daily!
Over the last 2-weeks, there have been 3 firms that came out publicly to state that PADD 3 refineries are hoarding crude.
The first one came from Energy Aspects, comments below:
US crude hoarding
Meanwhile, US crude stocks built by 22 mb from April to 10 May according to weekly EIA data, accounting for almost all the remaining global stock between April and mid-May.
The bulk of this was in PADD 3, though PADD 5 was also plagued by refinery outages, leading to builds on the