BofA: Critical Levels At Cushing May Lead To Historic Short Squeeze In Oil

Crude oil inventories at the Cushing hub in Oklahoma have fallen to the lowest seasonal level since the start of the shale revolution in the U.S., threatening sudden heightened price volatility this week. This is the essence of a note written by Bank of America analysts as quoted by ZeroHedge as prices are once again on the rise after the European Union signaled it was mulling over sanctions targeting Russia’s energy industry. According to the note, crude oil inventories at Cushing have shed some 13 million barrels since the start of the…