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‘Vicious’ loop in oil market

01/26/2009
By NINA RACH
Escalating oil inventories have filled most storage at the Cushing, Okla., primary delivery point, undermining US crude prices to the point West Texas Intermediate is “about as useful as a chocolate oven-glove” in assessing world market conditions, said Paul Horsnell at Barclays Capital Inc., London.With crude production outstripping demand, Cushing inventories were estimated in mid-January at 33 million bbl with a capacity of 47 million bbl. As a result, the oil futures market on the New York Mercantile Exchange “got stuck in a fairly vicious loop,” Horsnell said, with traders competing to unload contracts rather than compete for storage.In Paris, the Internationa...
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