Oil barrels that typically go to the major storage hub are being sent overseas
U.S. oil exports are surging and barrels that typically go to the major storage hub are being sent overseas.
Companies have stopped buying Russian oil and it has sent prices even higher than they were.
Cushing, Oklahoma is known as the “Crossroads of the Oil Industry,” and it is where futures contracts take delivery.
Last week, U.S. crude exports hit their highest level since July, but Cushing stockpiles were at a four-year low. Demand is near pre-pandemic levels, but supply has been hindered.
Low storage levels are also an issue in Canada, the world’s fourth-largest producer of crude.