Stocks At Cushing Have Halved Since April 2020 Market Rout Storage at Cushing alone has the potential to really rally the market to the moon The WTI-Brent spread is now at the narrowest it has been in just over a year Rebounding U.S. oil demand, a slow recovery of domestic production, and extreme weather-related events have drawn many barrels this year out of the key U.S. crude hub at Cushing, Oklahoma. Crude oil stocks at Cushing—the delivery hub for the WTI Crude futures contract—have more than halved since April 2020, when the market was fretting about high inventories as the pandemic forced governments to announce widespread lockdowns. Back then, a lack of storage at the Cushing delivery hub contributed to sending WTI Crude down to a negative price. The picture is quite the opposite a year and a half later after U.S. oil demand recovered to pre-pandemic levels. At […]