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To: gleeaikin
"Cushing, OK is full to the gills"

Cushing is just about full. However, Cushing is not world oil. Problems with Cushing as a world benchmark: it is not indicative of world market prices [West Texas Intermediate is at a big discount to Brent as Cushing oil cannot be piped to a tanker port] and a lot of what is filling the tanks in Cushing is Canadian crud crude that many midwestern refiners have a problem processing.

Any spare capacity of the Saudis is likely Arab crud crude. What is not being produced due to the Libyan fiasco is the light sweet crude that Italian refineries are set up to process. Oil is only fungible to a point. Sleep well

43 posted on 04/17/2011 1:37:50 PM PDT by R W Reactionairy ("Everyone is entitled to their own opinion ... but not to their own facts" Daniel Patrick Moynihan)
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To: R W Reactionairy; All

“Sleep well” Yes, I am sleeping much better as I am getting so much more exercise by not driving my car any more for short market trips. I did not know that Cushing was mostly Canadian crud. Is that Canadian tar sands? Where does the West Texas Intermediate go, or is it played out?


59 posted on 04/19/2011 1:19:32 AM PDT by gleeaikin
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