As our storage level approach full, this is going to drive the prices down, not up.
You didn’t read the rest of what I wrote on that post.
“They are to the point where they don’t have any place else to store it. Prices will fall shortly thereafter.”
Let me clarify.
Demand has stayed flat around the world for oil. In order to for prices to go up as it has been oil has been been stored in every nook and cranny the oil producers can find.
This has caused a temporary increase in the price of oil as well as gasoline at the pump.
As soon as soon as they run out of storage capacity, while the oil wells are being pumped at the current rate, prices will drop because demand is not going to increase toward the summer like they hope it will.
As a result you will see the price of gasoline drop over the next few months.
The U.S. Is Pumping Even More Oil and Storage Tanks Are Getting Filled to the Brim
http://www.bloomberg.com/news/articles/2015-03-04/the-u-s-is-pumping-even-more-oil-and-storage-tanks-are-getting-filled-to-the-brim