The amount of crude oil stored at the Cushing delivery hub in northern Oklahoma fell to its lowest level last week since January 2020.
The U.S. Energy Information Administration reported storage at Cushing dropped by 1.4 million barrels even though crude inventories nationwide last week increased by 2.1 million barrels.
The national increase broke a streak of 8 weeks of declines, thanks to a surge in oil imports—their highest in a year.
One analyst told MarketWatch the draw in Cushing is “getting to a dangerously low level.”
“We’re almost out of oil at the Cushing delivery point if we continue to draw at this rate,” stated Price Futures Group analyst Phil Flynn.
