Cushing crude stocks stay below 20 million barrels through July 10, lowest since 2014
AI Market Summary
Cushing, the WTI physical delivery hub, has held below 20M barrels for weeks—near 2014 lows—tightening prompt supply as export demand rose after Strait of Hormuz disruptions. The Brent-WTI spread briefly turned negative, signaling acute inland scarcity and competition for deliverable barrels. EIA's "tank bottom" clarification implies reported inventories may overstate usable supply, increasing sensitivity of WTI pricing and spreads to incremental shocks.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT-3.38%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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Crude inventories at Cushing, Oklahoma stayed below 20 million barrels from the week ending June 19 through the week ending July 10, the lowest since 2014. The drawdown extended an eight-week decline as disruptions tied to the Strait of Hormuz crisis boosted demand for U.S. crude exports, tightening WTI prompt supply. The Brent-WTI spread briefly turned negative twice, leaving WTI trading at a rare premium, while the EIA separately warned that “tank bottom” barrels are not usable and can make deliverable supply tighter than reported stocks suggest.
