No vacancy: Main U.S. oil storage in Cushing is all booked [Reuters]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
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Source: Reuters
No vacancy: Main U.S. oil storage in Cushing is all booked NEW YORK (Reuters) - Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now. Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars. With demand down 30% worldwide, that leaves buyers of oil few options other than to stick crude in storage, and Cushing is the primary U.S. locale for that. The tank farm has about 76 million barrels of working capacity, and coming into last week about 53 million barrels were being stored there, according to U.S. Energy Department figures. But while the tanks are not full yet, they are fully leased out to pro
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