US Oil Stockpiles Fall to Critical Lows as War Spurs Exports (opens original article in a new tab)

US oil stockpiles at Cushing, Oklahoma, have reached critical lows as exports surge during the Iran war, reducing both commercial and strategic reserves to historic levels.

• US oil stockpiles at Cushing, Oklahoma, fell to the lowest level since 2014, at 20 million barrels.
• Surging exports during the Iran war have drained US oil supplies, with inventories at the US Strategic Petroleum Reserve dropping to the lowest since 1983.
• Cushing's storage levels are critical for determining the value of US oil futures, and the current low levels indicate tight near-term supplies.