American Petroleum Institute Estimate Puts Cushing Crude Stocks 5.1 Million Barrels Higher

The latest estimate from the American Petroleum Institute (API) put crude stocks at Cushing, Oklahoma, 5.1 million barrels higher, adding to near-term supply at the delivery point for West Texas Intermediate (WTI) futures. The increase points to more near-term crude availability at the Oklahoma hub. Larger inventories at Cushing are generally associated with downward pressure on oil prices, making the estimate relevant to the supply outlook for WTI futures. Cushing’s role as the delivery point makes its stock levels part of the physical supply picture for the futures benchmark. Upcoming inventory figures from the U.S. Energy Information Administration (EIA) may confirm or counter the API estimate. OPEC decisions and geopolitical developments also remain in focus because they could affect oil supply.

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