Wednesday, February 5, 2014

Market sources expect large drop in Cushing oil stocks

Cushing, Oklahoma
Oil stocks at the Cushing, Oklahoma, US storage hub are expected to have dropped by more than one million barrels for the first time in five months, say sources.
A report from energy industry intelligence provider Genscape has been cited by two market sources, according to Reuters.
Cushing, the pricing point for the US oil futures contract, allegedly saw stocks fall by 1.3 million barrels last week.
That would be the largest drop since a 1.83 million barrel drop in August 2013, reported by the US government.
Genscape has reportedly declined to confirm the report.
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