Tight supplies in a critical Oklahoma oil town are pushing prices closer to $100. It's the opposite of what happened when oil prices turned negative in 2020.
A key U.S. oil town is running out of oil, and the impact is sending shivers through energy markets. It’s one reason why U.S. oil prices were trading above $94 per barrel on Wednesday for the first time since August 2022 and could eclipse $100 soon.
“We are at really beaten-down levels” of storage, said Robert Yawger, director of energy futures at Mizuho Securities. “It’s been a slow-motion train wreck for weeks. Today it got supersized.” The current situation with WTI is essentially the opposite of what happened in 2020. Instead of too much oil, there’s too little in the tanks, which causes its own problems. As oil levels fall, pressure in the tanks diminishes, and it becomes harder to move oil around, Yawger said. In some tanks, oil could drop below the level of the nozzles that allow the oil to flow out of the tanks and into pipelines.
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