April 2019, Vol. 246, No. 4

Global News

New Pipelines Drain West Texas Crude Stocks to 4-Month Low

Crude inventories in West Texas dropped in February to the lowest in four months after a converted pipeline began transporting crude from the nation’s biggest shale oil field to the U.S. Gulf Coast, according to data from Genscape. The drop in storage in the Permian Basin is another sign that new pipelines out of the region have begun to alleviate a crude oil bottleneck that depressed local crude prices as production overwhelmed pipeline capacity and filled storage tanks. Crude inventories in the Permian Basin fell to 15 million barrels in February to the lowest level since October. The glut had doubled in size from 11 million barrels last June to a record 22 million barrels in November, G

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