EIA Cushing Crude Oil Stocks Change
Published:
A weekly measure of the change in crude oil inventories held at Cushing, Oklahoma, the delivery point for NYMEX WTI crude oil futures.
Full explanation
EIA Cushing Crude Oil Stocks Change measures the weekly change in crude oil stored at Cushing, Oklahoma. Cushing is a major U.S. crude storage hub and the designated delivery point for NYMEX WTI crude oil futures, so changes there can be especially important for the WTI benchmark. The EIA publishes the data in its Weekly Petroleum Status Report as part of crude oil stocks by region, with stocks measured in million barrels. The figure should be read together with total U.S. crude inventories, refinery runs, pipeline flows and imports.
Why traders watch it
Traders watch Cushing stocks because they affect the local storage balance behind WTI futures delivery. A surprise build or draw can influence the WTI curve, prompt-month spreads, crude differentials and broader energy-market sentiment.
Market interpretation
- WTI crude oil futures
- Often sensitive to Cushing surprises because the hub is tied to physical delivery for NYMEX WTI contracts.
- Crude oil calendar spreads
- Can affect prompt spreads when traders reassess near-term storage tightness or surplus at the delivery hub.
- Brent-WTI spread
- May influence the U.S. crude discount or premium when Cushing conditions diverge from global crude balances.
- Energy equities
- Can affect sentiment toward storage, pipeline, refinery and exploration-and-production names through expectations for crude differentials and margins.
Stronger vs weaker outcomes
A higher-than-expected change usually indicates a larger stock build or smaller draw at the WTI delivery hub, which may suggest looser local supply conditions. A lower-than-expected or negative change may point to a larger draw or smaller build, which may suggest tighter local supply conditions.
A higher reading means Cushing crude stocks increased more than expected or drew down less than expected. This may indicate looser supply conditions at the WTI delivery hub and can weigh on nearby WTI pricing if the broader EIA report confirms ample supply.
A lower reading means Cushing crude stocks increased less than expected or drew down more than expected. This may indicate tighter supply at the delivery hub and can support nearby WTI pricing if other parts of the report do not offset the signal.
Higher Cushing stock changes can point to looser hub supply; lower changes can point to tighter hub supply, but traders compare the figure with national crude stocks and refinery activity.
Typical volatility
High. Cushing can diverge from total U.S. crude inventories because regional pipeline flows, refinery demand, exports and storage logistics can affect the hub differently from the national market. Very low or very high storage levels can make the market more sensitive to even modest weekly changes.
Trading considerations
- Compare Cushing stocks with total U.S. commercial crude inventories to see whether the move is local or nationwide.
- Watch WTI calendar spreads as well as outright crude prices, because storage-hub changes can affect the shape of the futures curve.
- Check refinery utilization, crude imports, crude exports and regional pipeline news for context around the weekly change.
- Be aware that Cushing and total U.S. crude stocks can send different signals during periods of regional bottlenecks or changing export flows.
Educational guidance only — never a trading signal or recommendation.
Related indicators
15-Year Mortgage Rate
A weekly Freddie Mac measure of average U.S. 15-year fixed-rate mortgage borrowing costs.
Absa Manufacturing PMI
A monthly survey indicator tracking whether South African manufacturing conditions are improving or weakening.
ADP Employment Change
ADP Employment Change is a private estimate of changes in U.S. private-sector jobs based on payroll data from ADP.
ADP Nonfarm Employment Change
A monthly, payroll-data-based measure of changes in US private-sector employment.
Ai Group Australian Industry Index
A monthly survey-based gauge of whether activity in Australian industrial sectors is expanding or contracting.
Albania Balance of Trade
Albania Balance of Trade measures the difference between the value of Albania’s goods exports and goods imports.