On 1/7/09, they reported +3.33 million for gasoline, +6.68 million for crude. The crude contango is huge. This follows another epic build at Cushing, Oklahoma – the physical delivery point for Nymex WTI. The facility is now holding a record 33m barrels, which means it only has about 1m barrels of capacity spare. Until the Cushing scenario is resolved (unlikely until the contango in WTI disappears), the Nymex light sweet crude contract remains a pretty useless global price benchmark. The Brent/wti spread means that the US is importing less Crude. Check out stockbox.tv for the latest wall street videos.
