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Crude inventory levels at Cushing point to oil tank bottoms
Crude oil inventories held in storage at Cushing, Oklahoma, fell below 20 million barrels during the week ending June 19.
The EIA said falling crude oil inventories in Cushing, Oklahoma, are a sign of potential “tank bottoms,” referring to lows in oil stored at the hub.
According to its Weekly Petroleum Status Report, crude inventories at storage facilities in Cushing fell below 20 million barrels during the week ending June 19, a level that persisted through the week ending July 10.
The EIA’s weekly data tracks how much crude remains in storage, and declines at Cushing can indicate tighter near term supply conditions or reduced storage demand.
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