Cushing stocks plunge as world oil supplies tighten

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub


The drop in oil inventories around the world, including at Oklahoma’s Cushing Hub is getting the attention of industry analysts who believe it is driving increased crude oil prices.

“We are on the cusp of supply tighteness,” one analyst told Reuters. Storage at Cushing is part of it as stocks fell by 2.9 million barrels in the week to July 14.

It proved to be the steepest draw in more than 18 months, reported the U.S. Energy Information Administration. Those weekly updates on Cushing’s crude stocks provided by OK Energy Today confirm the recent report.

Click here for Reuters