Oil stockpiles at America’s largest storage hub are set to unwind with the market showing real signs of strength for the first time since the pandemic crushed global demand. (Bloomberg) — Oil stockpiles at America’s largest storage hub are set to unwind with the market showing real signs of strength for the first time since the pandemic crushed global demand. Crude stockpiles in Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, fell to about 60 million barrels last week, the lowest since early October, U.S. government data show. The drawdown is set to continue with the contango in the oil curve shrinking to levels that make storing crude uneconomic. The condition, where prices for nearby contracts are lower than those further in the future, typically prompts traders to hold on to unneeded oil. The development comes on expectations that global petroleum demand could return soon to near-normal […]