Oil prices fell back on Friday, and are lower overnight, getting dragged down by the debt ceiling showdown. There are other bearish elements at work, however. The crude oil inventory rise reported last week was a blow to the bull case, despite the slight drawdown at Cushing. For all the concern dwindling supplies at the NYMEX futures contract delivery point, there are pipeline and railcar machinations being developed to bring more barrels there. The market may be ahead of the awareness on this point, as evidenced by the developing cotango in the market.
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