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Analysis: Cushing's oil market clout wanes amid U.S. export boom

Reuters  |  NEW YORK 

By Devika Krishna KumarNEW YORK (Reuters) - The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity. But those tanks could soon drain to levels near effectively empty, even as U.S. oil production soars past a new record of 10.4 million barrels per day.Oil supplies have fallen before in Cushing for a variety of seasonal or market-driven reasons. But this time, there is no shortage of crude in the market. ...

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First Published: Wed, April 11 2018. 10:37 IST
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