Volumes at the crude oil storage hub of Cushing, OK, rose by 1.5 MMbbl to nearly 34 MMbbl in the week ended December 22. Although they remain well below the 2023 high of 43 MMbbl in the week ended June 23, it was the 10th consecutive weekly increase. (See graphic below.)
Recent increases in Cushing inventories could be at least partly due to an effort to avoid or reduce taxes. The end-of-year tax rate for crude oil in storage in Texas is 2.5% to 2.75%, but only 1% in Oklahoma.
The higher volumes in Cushing were part of an overall increase of 3.9 MMbbl in PADD 2. Inventories fell by 7.1 MMbbl nationwide, however, as volumes fell by 11 MMbbl in PADD 3. Inventories there have fallen in four of the past five weeks and eight of the last 11.
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December 29, 2023 at 03:35AM
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Crude Oil Inventories Build at Cushing for 10th Straight Week - RBN Energy
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