Oil prices surge as stocks drain away from Cushing

U.S. crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma.

Futures prices for crude delivered in October climbed to $90 per barrel on Sept. 14, up from $68 on June 27, as traders anticipated increasing shortages of unrefined petroleum.

The three-month calendar spread from October 2023 to January 2024 tightened to a backwardation of $2.26 per barrel from just 10 cents, as inventories were expected to deplete further.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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