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America’s Biggest Oil Storage Hub Is Filling to the Brim Again

  • Glut balloons as America faces second wave of Covid-19 cases
  • Cushing crude inventories stand at 81% of working capacity
A crude storage tank in Cushing.
A crude storage tank in Cushing.Photographer: Daniel Acker/Bloomberg
Updated on

Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed.

Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the most recent U.S. government data. That’s 3.83 million barrels shy of the levels seen in May.