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Crisis in Cushing?

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26 October 2021

Crisis in Cushing?

Report summary

Crude oil inventories at the important WTI pricing hub of Cushing Oklahoma are screaming toward operational minimums. In the month of October already depressed inventory levels have been falling at an alarming rate of more than 300 kb/d and currently sit at only ~4.1 million bbls above our assessed operational floor. Is this a sign of an over-tightening market? We don’t think so. Wood Mackenzie’s proprietary pipeline and storage monitoring reveals a different message, challenging, yes-- but not due to a global shortfall in supply. In this inform we explore: • Current state of Cushing inventories • Drivers presently impacting Cushing including abrupt changes in crude flow patterns • Market balancing mechanisms soon to enter the fray to restore balance in Cushing

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