To be sure, the rumors have been there for a while. As we first wrote in March of 2015 when it became a topic of conversation, speculation that Cushing may fill, and even overflow, has been around for nearly 10 months. As we reported then, there were floating predictions that Cushing may top out as soon as the summer of 2015. In retrospect, these forecasts underestimated just how “stretchy” US commercial storage can be; they also ignored how many millions of barrels could and would be stored at sea even though the contango in recent months had made such storage virtuAll Postsally unprofitable; the recent change in the US oil exporting law helped, and much of the excess inventories were carted off toward Europe which allegedly has more oil excess capacity than the US. However, as overproduction continues, even the highly adaptive US storage system appears to be reaching its […]