Opinion

Cushing 2024: key price insights and market trends

Due to ongoing volatility in the global oil markets, traders need prompt indication of changes in the market

1 minute read

Cushing, Oklahoma, is the delivery point for NYMEX Light Sweet Crude (WTI) contracts, with strong connections to both domestic and global markets. This makes it a key indicator of supply and demand in the US crude oil market, influencing WTI prices.  

In 2023 and 2024, inventory changes at Cushing were closely monitored as regional balances shifted due to pipeline outages, changing demand and varying refinery trends. 

Wood Mackenzie’s analysis of large builds, draws and trend reversals impacted WTI prices in late 2023 and 2024.

Our detailed Cushing 2024 Price Insight report explores how these factors influenced market trends and pricing. 

In addition to price commentary, the report includes: 

  • A fixed-roof impact analysis
  • Insights on how and when Wood Mackenzie data influenced product prices
  • Cushing flight-over-flight inventory changes

Fill out the form at the top of the page to download your compimentary copy of our Cushing 2024 Price Insight report.

Cushing Crude Oil Storage Report

Our Cushing Crude Oil Storage Report directly monitors every tank at the Cushing storage hub to provide accurate storage data. We deliver exclusive insight into inventory, utilisation, and capacity changes at the tank, operator and location levels for floating and fixed-roof tanks. We measure oil storage levels using a combination of infrared cameras, aerial imagery and a patented measurement methodology honed by our analysts since 2009. 

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