Oil Supplies Grow as Seaway Relief Valve Looms
Bloomberg Businessweek
U.S. oil inventories climbed for a ninth week, reaching a 21-year high, as growing production bolstered a supply glut in the days before the Seaway pipeline began to move crude to refineries along the Gulf Coast, a Bloomberg survey showed. “We are seeing crude continue to build even with refinery utilization rates going so much higher,” said Jacob Corel, a commodity analyst at Summit Energy Inc. in Louisville, Kentucky. “There is just too much oil coming in right now.”
