In California we have a full blown port shutdown. As if companies don't have enough problems as it is. I wouldn't get too happy about that oil spike honestly. No ships are moving. No trucks are moving. Some might wonder if that will put more pressure on the oil sector. Especially since the conditions in Cushing Ok are a little out of the normal range.
"(Reuters) - Oil is flooding into U.S. storage tanks at an unprecedented rate, leading traders to wonder how long the hub in Cushing, Oklahoma, can keep absorbing its share of the global supply glut.
About half the surplus crude accumulating in tanks across the United States is flowing into Cushing. If the build-up continues at the same rate, some industry officials and sources said, the tanks could reach maximum capacity by early April. Others suggest the flow might continue until July before it tests the limits of the dozens of steel-hulled storage tanks clustered in mid-Oklahoma." Article here.
We also have a refinery shutdown. And if that wasn't crazy enough? Nurses are joining the strike at the Tesoro refinery.
Some days it feels really hopeless.
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