For its efforts, Phillips 66 sold crude at spreads yielding negative $2.50 and $2.75 a barrel.

Please consider U.S. Refiner Phillips 66 dumps Cushing Crude, Traders Spy Output Cuts.

U.S. refiner Phillips 66 dumped crude for immediate delivery in Cushing, Oklahoma on Wednesday, sparking speculation that the move reflected advance warning of looming output cuts amid sluggish winter demand and record inventories.

The unusual sales of excess oil added pressure to the March/April WTI futures spread, with the front-month discount widening to as much as $2.37 a barrel on Wednesday, the most since November.