Cushing still holds less than half of its crude oil storage potential

Plunging global oil prices batter upstream firms but boost refiners -  Chinadaily.com.cn

 

The supply of crude oil at the Cushing hub in northern Oklahoma increased slightly in the past week, reaching more than 30 million barrels of oil.

The late petroleum supply report by the U.S. Energy Information Administration showed 30,917,000 million barrels of oil were in storage at Cushing.

It compared to 28,917,000 million barrels listed as of November 26, 2021.

A year ago, Cushing had storage of 58,211,000 million barrels of oil. By January 2021, the amount increased to 59,202,000 million barrels.

Cushing has a reported capacity of nearly 77 million barrels of crude oil, so the latest amount of nearly 31 million barrels is still less than half of what can be stored in the hub.