• 5 hours Russia Approves Profit-Based Oil Tax For 2019
  • 9 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 11 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 13 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 15 hours Aramco In Talks With Chinese Petrochemical Producers
  • 16 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 18 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 1 day Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
Alt Text

Are Electric Cars As Clean As They Seem?

Electric cars are set to…

Alt Text

Don’t Back U.S. Shale To Keep Oil Prices Down

The common assumption that U.S.…

Alt Text

The Surprise Winners Of The Oil Price Rally

The recent rally in oil…

Zainab Calcuttawala

Zainab Calcuttawala

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 Info

Is The Glut Coming To An End? Cushing Stocks Fall To 10 Month Low

Oil Rig

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.

(Click to enlarge)

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

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News