Those who follow oil inventories and prices are highlighting the low reserves of crude oil in Cushing tanks, which is driving up oil prices and futures.
Oilprice.com reports, “Inventories at Cushing, Oklahoma – the designated delivery point for NYMEX crude oil futures contracts – are also falling, further boosting the rally in the futures market. Crude stocks at Cushing fell by 1.5 million barrels in the week to June 25 to stand at 40.3 million barrels. This was an 11.7-percent decline compared to this time last year and a drop of 23.3 percent compared to the same week in 2019.”
This is good news for those associated with the Cushing field and its immediate future.