Crude Market is up today on concerns Crude supply may be getting tighter. Led mostly by Kuwait’s employee strike shutting down production and drastically reducing their exports by an estimated 60%. It is expected that this strike could last 2 weeks.

The market is still generally oversupplied as bubbles in crude prices have kept producers who would otherwise be selling below cost, producing. Crude inventories in the US and globally remain near record highs. Long term they will not be able to sustain the lower prices and will be forced to cut production re-balancing the market.

Locally Husky’s Lima, OH refinery, Exxon’s Joliet, IL, and PBF’s Toledo are all undergoing maintenance and turnarounds. Causing a slight price climb in the Midwest compared to typical price differentials.