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Oil inventories at key Alberta storage hubs of Edmonton and Hardisty breached 10 million barrels in each location last week, according to data from global energy consultancy Genscape, suggesting Canadian oil prices may trend even lower in the near future.

Oil markets are also keeping an eye on Cushing, Okla., North America’s largest oil storage complex, which could reach maximum capacity as early as next month.

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“If and when that happens, there will definitely be downward pressure to WTI prices in and basically the entire crude complex,” said Hillary Stevenson, analyst at Genscape. “So that could ride in the contango curve even more, giving more incentive to store barrels elsewhere since Cushing will be full.”

Contango is an industry term that means traders expect prices will rise in the future.

Storage levels in Edmonton stood at 10.78 million barrels, 64% of capacity, as of March 24, 13.6% higher than the previous week, and the highest level since Genscape began tracking inventories in 2010.