Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production.
Stockpiles in Cushing, Okla., the delivery point for West Texas Intermediate oil futures fell nearly 4 million barrels in the last two weeks, bringing inventories to the lowest since March 2020 when the pandemic forced the country into lockdown. Analysts are estimating and traders are betting that supplies will drop to multiyear lows by the end of the summer.
