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Cushing crude inventories fell below 20 million barrels
EIA data shows crude oil inventories in storage fell below 20 million barrels during the week ending July 10, after dropping from a period above that level.
The US Energy Information Administration reported that crude oil inventory levels held in storage at Cushing, Oklahoma, dropped below 20 million barrels.
According to the EIA Weekly Petroleum Status Report, the inventory draw occurred during the period that included the week ending June 19, and continued through the week ending July 10.
The EIA framed the pullback as an example of what it calls “tank bottoms,” referring to low inventory levels at storage facilities.
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