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Graph of weekly Cushing Stocks excluding SPR of Crude Oil from 2004 to 2018. The city of Cushing in Oklahoma is a central hub within the United States and worldwide oil industry. It connects major pipelines within the United States and is the location where the oil futures contracts end up being delivered.
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."
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 ...
As of Wednesday, West Texas Intermediate (WTI) crude oil was trading at $72, and natural gas on the Henry Hub market has remained under $3 since November. Sandridge might take advantage of lower ...
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]
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Seeking to capitalize on the pipeline's location to gather raw natural gas in Oklahoma and Texas for transport to the company's refinery complex at Sweeny, Texas, and other refineries near Houston, Phillips converted the system to ship natural gas south instead of shipping crude oil north. Phillips called that arrangement the "Seagas Pipeline". [2]