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2020 Congressional Testimony

EIA's view of the Impacts of COVID-19 on the Energy Industry pdf
Subject:EIA, forecasts, energy markets
Presented by:Stephen Nalley, Deputy Administrator
Presented to: U.S. Senate Committee on Energy and Natural Resources
Washington, DC—June 16, 2020

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Crude oil inventories in Cushing, Oklahoma, are down more than 40% from start of 2021

weekly U.S. crude oil inventories and storage capacity at Cushing, OK
Source: U.S. Energy Information Administration, Weekly Petroleum Status Report and Working and Net Available Shell Storage Capacity Report
Note: Crude oil inventories shown here are total stocks minus pipeline fill and stocks in transit by water, rail, and truck.

Crude oil inventories in Cushing, Oklahoma, totaled 32.9 million barrels (excluding pipeline fill and stocks in transit by water and rail) in the week ending September 10, which is a 42% decrease since the beginning of the year. Crude oil inventories at Cushing are now 26% lower than normal, based on the previous five-year (2016–2020) average for that time of year. The Cushing storage hub is the crude oil delivery point for the NYMEX West Texas Intermediate (WTI) crude oil futures contract and is home to 14% of U.S. commercial tank and underground crude oil working storage capacity.

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