Traders do not appear worried that rising oil stocks in the United States will cause storage space to run out in the next few months, despite the rapid accumulation of inventories at Cushing in Oklahoma. The term structure of futures contracts has remained broadly stable since the end of January ( link.reuters.com/xyg44w ). Stocks “may soon test storage capacity limits”, the International Energy Agency worried in its latest monthly Oil Market Report. “That would inevitably lead to renewed price weakness,” it added. The view is shared by many bearish hedge fund managers and oil analysts, who have watched the steady climb in U.S. oil inventories for 15 consecutive weeks. Crude stockpiles at the Cushing storage hub hit a record 54 million barrels on March 13, according to the latest Weekly Petroleum Status Report from the U.S. Energy Information Administration (EIA). Tank farms at Cushing are now […]