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Cushing is the delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams [1] traded on the New York Mercantile Exchange [19]. Cushing's strategic position as a major hub in oil supply led to WTI's development as a significant physical market price reference or benchmark for over three decades.
The Cushing MarketLink pipeline phase started at Cushing, Oklahoma, where American-produced oil is added to the pipeline, then runs south 435 miles (700 km) to a delivery point near terminals in Nederland, Texas, to serve refineries in the Port Arthur, Texas, area. Keystone started pumping oil through this section in January 2014.
The Cushing Oil Field, also known as the Cushing-Drumright Oil Field, is an oil field in northeastern Oklahoma, part of the Mid-Continent oil province. The 10-mile (16 km) by 3-mile (4.8 km) field includes southeastern Payne County , northwestern Creek County , and northeastern Lincoln County .
Gas prices are already sky high - averaging $3.804 per gallon according to AAA as of November 7 - but they could go even higher now that OPEC+ decided to reduce oil production by 2 million barrels ...
Eventually, 23 oil companies and five oil-field supply houses located in the town, [7] and more than 50 refineries once operated in the Cushing area. [10] Pipelines and storage facilities have since made it "the pipeline crossroads of the world". The oil boom did not last long.
The town of Cushing, Oklahoma is a small, remote place with only 7,826 inhabitants (according to the 2010 Census). [15] However, it is the site of the Cushing Oil Field, which was discovered in 1912, and dominated U.S. oil production for several years. The area became a "vital transhipment point with many intersecting pipelines, storage ...
On April 20, 2020, the CME WTI futures contract for May 2020 settled at −US$37.63 a barrel due to oil demand shocks from the COVID-19 pandemic, and to dwindling storage capacity at the futures contract delivery point at Cushing, Oklahoma. [12] Brent settled for US$26.21 at the same time, for a difference of $63.84. [13]
Steele City, NB & Cushing, OK TransCanada Crosses South Dakota to Steele City, where it branches east through Kansas and Missouri to delivery points at Wood River and Patoka, Illinois, and south to delivery points at Cushing, Oklahoma and Houston and Port Arthur, Texas.