Price sensitive: oil storage facilities in Cushing Anyone seeking to understand oil’s fall should watch what is happening in Cushing, Oklahoma. The little city of 7,900 people is also home to tanks capacious enough to hold 70.8m barrels of crude, by the government’s latest reckoning . There, oil stocks have doubled since October to 41.3m barrels — a tenth of US commercial inventories. In a “few months it will be full”, Alan Swanson, chief financial officer at tank owner Plains All American Pipeline , told analysts last week. More On this topic IN Commodities Cushing’s rising occupancy rate shows how much supply exceeds demand even with US crude at $52 a barrel. With North American production still booming, it’s pouring into tanks in places like Cushing ; the Gulf coast of Texas; and Hardisty, Alberta. Cushing is watched most closely, as it is the delivery point for the benchmark […]