Oil inventories at the key US hub of Cushing, Oklahoma fell to 22.4 million barrels. This is one of the lowest levels in recent years.
The reduction in inventories is associated with high demand from oil refineries, active exports of raw materials and tensions on the global market. An additional factor was the situation in the Middle East, which increased concerns about the stability of oil supplies.
Cushing is one of the key oil storage centers in the US and an important pipeline infrastructure node. It handles crude flows from major U.S. and Canadian fields, as well as supplies to refineries and export terminals on the Gulf Coast.
According to analysts, a further decline in inventories below 20 million barrels could create operational difficulties for the hub. At the same time, the operating capacity of Cushing’s storage facilities is about 78.4 million barrels.
Overall, commercial crude oil inventories in the U.S. have declined for six consecutive weeks. This was influenced by high levels of refining, growing exports, and the use of reserves against a backdrop of a shortage of raw materials on the world market.
Despite Cushing’s declining role in global pricing compared to previous decades, the hub remains a strategically important logistics center for the U.S. oil industry.
