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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.
On Wednesday, US inventories at Cushing, Okla. — used as the benchmark in WTI oil pricing — showed stockpiles rose by 3.6 million barrels last week, more than twice expectations for a build of ...
Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma ...
After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months. Shrinking U.S. exports likely to build oil stocks at Cushing ...
In 1912, the discovery well, the Wheeler No. 1 Oil Well came in near Drumright for wildcatter Thomas Baker Slick, Sr. [1]. Peak production was in May 1917 at 310,000 barrels per day, accounting for two thirds of the refinable crude oil production in the western hemisphere during that time, and provided twenty percent of the petroleum sold in the United States in 1915-1916.
A 1912 oil boom led to the city's development as a refining center, [7] with over 50 refineries operating in Cushing over its history. [8] Today, Cushing is a major trading hub for crude oil and a price settlement point for West Texas Intermediate on the New York Mercantile Exchange [9] and is known as the "Pipeline Crossroads of the World."
Oil prices, which had risen for a second day in a row on Wednesday amid escalating attacks by Houthi rebels in the Red Sea, fell into negative territory after inventory data showed a surprise ...
By May 2007 Cushing's inventory fell by nearly 35% as the oil-storage trade heated up. [5] "The trend follows a spike in oil futures prices that has created incentives for traders to buy crude oil and oil products at current rates, sell them on futures markets and store them until delivery." —