Cushing Hub Oil Inventory Hits New Low as Crude Exports Ramp Up
The Cushing Hub in Oklahoma remains critically low on oil inventory, according to the latest report from the U.S. Energy Information Administration.
The hub, which has a normal capacity of about 73-75 million barrels of oil, held only 21,824,000 barrels as of September 4, down from 22,508,000 barrels on August 28.
Cushing's low inventory is due to the fact that crude oil is not being stored there, but rather passed through to Gulf Coast refineries for shipment to foreign countries in response to a shortage caused by the U.S. and Israeli war against Iran.
The hub is crucial for U.S. oil movement, serving as a central crossroads and storage junction, with nearly two dozen major pipelines connected to it, having a capacity of over 6.5 million barrels per day.