Список проголосовавших за комментарий "<p>Crude oil prices this morning have sold off sharply after the U.S. Oil Fund (USO) said it will roll out of its positions in Jun WTI crude contracts starting today and move its portfolio to hold WTI crude contracts from July 2020 through June 2021. USO cited reasons for the liquidation of its Jun WTI contracts as evolving market conditions and regulatory requirements. USO disclosed late last Friday that the CME ordered USO last Thursday to make changes to its positions and not to «exceed accountability levels» in the June 2020 WTI crude oil contract.</p><p>Also weighing on crude prices is concern that global crude storage is nearing capacity. South Korea today said it had run out of commercial crude oil storage space, making it the fourth Asian country to run out of storage space. Goldman Sachs on Sunday said it estimates the global oil market may test its storage capacity limits in as little as three weeks. Meanwhile, Bloomberg’s NEF said its data shows that U.S. available working storage capacity, excluding strategic crude stocks, fell by -16.2 million bbl in the week to April 17, leaving available storage capacity at 262.4 million bbl, or 60% full. Bloomberg's NEF projects that U.S. storage capacity will not be filled before August, which could give the U.S. market enough time for demand to pick up.</p><p>The EIA warned today that availability of storage at the Cushing hub in Oklahoma, the delivery point for WTI futures, will remain an issue in coming weeks and could result in «volatile price movements» in the June WTI futures contract. The EIA said that Cushing is about 76% full, compared with its total working storage capacity of 76 million bbl, given that Cushing inventories are currently near 60 million bbl minus about 2 million bbl in transit away from the hub via pipeline.</p><p>In a supportive factor for oil prices, Saudi Aramco said it has begun cutting its daily crude production from about 12 million bpd to its production-cut agreement level of 8.5 million bpd.</p><p>Crude prices have carry-over support from last Friday's Baker Hughes report that active U.S. oil rigs fell by another -60 rigs to a 3-3/4 year low of 378 rigs.</p><p>Today's U.S. economic data was better-than-expected, but still showed a contraction that was negative for energy demand and crude prices. The Apr Dallas Fed manufacturing activity index fell by -3.7 points to -73.7, a record low in data going back to 2005 but slightly better than expectations of -5.0 to -75.0.</p><p>Another bearish factor for crude was the action by the BOJ today to cut its Japan 2020 GDP estimate to a decline of 3-5% from a prior view of growth of 0.8%-1.1%.</p><p>Last Wednesday’s weekly EIA data showed that U.S. crude oil inventories as of Apr 17 were +8.8% above the seasonal 5-year average at a 2-3/4 year high of 518.64 million bbl (representing 79.4% of total U.S. oil storage capacity of 653 mln bbl), gasoline inventories were +12.6% above the 5-year average, and distillate inventories were -0.8% below the 5-year average. Oil inventories at the Cushing hub as of Apr 17 rose +4.78 million bbl to a 2-1/4 year high of 59.74 million bbl (representing 78.6% of Cushing's estimated capacity of 76 mln bbl). U.S. crude production in the week ended Apr 17 fell -0.8% w/w to 12.2 million bpd, down by -6.9% from Feb's record-high of 13.1 million bpd.</p>"