Traders are citing Genscape data on Cushing crude storage builds and the re-opening of the Houston Ship Channel (enabling more crude imports into PADD 3) for taking away the overnight hope/hype in WTI and dragging it back to a $47 handle. It appears the June deadline continues to loom large. [3]
Cushing storage levels are getting fuller and fuller and production shows no signs of slowing...
[4]
And WTI started to drop as soon as The Hoston Shipping Channel re-opened...
[5]
Which signals a revival of crude imports into PADD 3...
[6]
Charts: Bloomberg
