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By May 2007, Cushing's inventory fell by nearly 35% as the oil-storage trade heated up. [22] Oil giant BP, and energy-transport and logistics firms Enbridge Energy Partners (an affiliate of Canada's Enbridge), Plains All American Pipeline and Energy Transfer LP own most of the oil storage tanks in Cushing. [22]
Cushing is a major crude oil hub within the United States and worldwide oil industry. It is a "vital transshipment point with many intersecting pipelines, storage facilities and easy access to refiners and suppliers." Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines."
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 .
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 ...
Oil futures hit a 2023 high on Wednesday after inventories at the largest storage hub in the US fell ... An aerial view of a crude oil storage facility is seen on May 5, 2020 in Cushing, Okla. ...
But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5] By May 2007 Cushing's inventory fell by nearly 35% as the oil-storage trade heated up. [5]
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]
In 2021, energy companies made a big comeback over last year's Oklahoma Inc. rankings of publicly traded companies. Banks also benefit from higher interest rates.