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![]() The storage problem is beginning to hit US oil producers as tank farms are close to being full. Once crude oil is pumped out of the ground it has to go somewhere. If there is no additional room to store domestic oil it will drive prices downward in the commodity auction pool, possibly by a large amount. The other good news is that imported oil will continue to be squeezed out of the US market and put additional pressure on the Russians and Venezuela. I need to fuel up our trawler one of these days with 900 gallons of diesel before we take off for a spring cruise. I've been delaying in the expectation of lower prices. Stay tuned. http://www.houstonchronicle.com/business/outside-the-boardroom/article/Traders-can-t-ignore-oil-storage-limits-much-6114400.php |
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