Inventory levels at the massive oil storage facility in Cushing, Oklahoma, have fallen to their lowest levels since December 2015, according to Wednesday's data from the U.S. Energy Information Administration.
Cushing held 62.08 million barrels during the week ending 23 September-a 631,000-barrel loss at the site. The last time the EIA reported inventory levels that low at Cushing was the week ending 11 December, when it stood at 62.06 million barrels.
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Inventories in Cushing are only a fraction of the U.S. total oil inventories, but they have long been used as a fairly good indicator of overall oil inventories in the United States. And despite five weeks of crude inventory draws overall, this week's EIA report once again pointed out that oil supplies in the U.S. continue to be unusually high for the season.
The site's crude inventories reached a high of 68.273 million barrels in the week ending on 13 May, 2016, according to EIA data. At maximum capacity, Cushing can hold 73 million barrels of oil.
By Zainab Calcuttawala for Oilprice.com
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Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on… More
