Cushing build for highrider However, supplies in Cushing, Oklahoma, the delivery point for the Nymex contract, rose by 500,000 barrels, less than many had expected.
Cushing inventories are within a few million barrels of their all-time high. As they rose rapidly in recent weeks, traders bet that the price difference between US oil prices and Brent prices, known as the spread, would widen. Now that Cushing supplies appear to be growing more slowly, traders are reversing those bets by buying US oil and selling Brent, according to Tariq Zahir, managing member of Tyche Capital Advisors.
"The Cushing number is not as big of a build as people had expected," Mr. Zahir said. "That spread has started to contract."
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