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12-08-2013, 05:32 PM #1
An Oil Glut Forms in the U.S. Gulf
An Oil Glut Forms in the U.S. Gulf
As Local Prices Fall, Some Predict Nationwide Oversupply
Dec. 7, 2013 8:56 p.m. ET
The U.S. Gulf Coast, home to the world's largest concentration of petroleum refineries, is suddenly awash in so much crude oil that prices have plunged in recent weeks and are no longer in sync with global prices.
The strongest indication of a glut is the falling price of "Louisiana Light Sweet," which usually costs a dollar or two more than a barrel of crude in Europe. But on Wednesday, Louisiana crude fetched $102.42—$9.46 less than a barrel of comparable-quality crude in England.
Some experts believe a nationwide oil glut is coming.
"We are moving toward a significant amount of domestic oversupply of light crude," says Ed Morse, head of commodities research at Citigroup. C +0.84% Citigroup Inc. U.S.: NYSE $51.49 +0.43 +0.84% Dec. 6, 2013 4:01 pm Volume (Delayed 15m) : 19.62M AFTER HOURS $51.53 +0.04 +0.08% Dec. 6, 2013 7:52 pm Volume (Delayed 15m): 100,041 P/E Ratio 12.89 Market Cap $156.17 Billion Dividend Yield 0.08% Rev. per Employee $368,734 52.0051.5051.0010a12p2p4p6p8p 12/06/13 Los Angeles Sues Wells, Citigr... 12/05/13 Citibank Website Down for Seve... 12/05/13 Citigroup, Morgan Stanley down... More quote details and news » C in Your Value Your Change Short position
The glut reflects surging output from West Texas and North Dakota, as well as new pipeline routes to move crude to the refining and petrochemical complexes on the coasts of Texas and Louisiana.
—Russell Gold
And Nicole Friedman
The Wall Street Journal
http://online.wsj.com/news/articles/SB10001424052702303497804579238093180636608NO AMNESTY
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