Cushing crude stocks sit less than 2 mmbbls above operational floor amid global supply crisis

LONDON/HOUSTON/SINGAPORE, June 12, 2026 (GLOBE NEWSWIRE) -- Cushing crude storage levels have plummeted in recent months. Inventories fell 11.3 million barrels (mmbbls) to less than 25 mmbbls between early April and early June, according to Wood Mackenzie. The firm's monitoring spans fixed-roof tanks, caverns, and floating-roof tanks, producing more complete and reliable datasets than satellite-sourced alternatives. While satellite data can estimate volumes in floating-roof tanks, it cannot measure levels in fixed-roof tanks or underground storage caverns. This comprehensive coverage gives Wood Mackenzie unique visibility into US and global crude storage dynamics.

“Rapid Cushing storage draws have been spurred by global supply disruptions surrounding the Middle East conflict. Although domestic supply remains unaffected in the US and Canada, global shortages have supported surges in US crude exports and refinery runs. Shifting balances have contributed to steep US commercial storage draws, despite substantial Strategic Petroleum Reserve (SPR) releases into US Gulf Coast markets,” said Dylan White, Director North American Crude Markets at Wood Mackenzie.

Cushing storage capacity utilisation fell below 29% in early June. This compares to the all-time low of 26.7%, which has proven a reliable proxy for Cushing's operational floor. Wood Mackenzie assesses that recent Cushing inventories were less than two mmbbls above minimum levels. If draws persist, Cushing could reach the floor within one to two weeks.

"We are at a critical juncture. The pace of Cushing draws has left the buffer exceptionally thin. The market is responding. But greater flows into Cushing shifts volumes away from other key hubs where inventories are also low,” said White.

The market has already reacted as Cushing nears tank bottoms. Permian pipeline flows to Cushing — and away from the US Gulf Coast — have spiked to maintain minimum physical inventories. West Texas Intermediate (WTI) price spreads between Cushing and the coast have tightened considerably. Petroleum Administration for Defense District 3 (PADD 3) crude inventories have also been drawing since early May.

Wood Mackenzie expects storage inventory draws to accelerate at key hubs across the US now that Cushing is nearly empty. Continued stock draws could drive critical inventory levels at key hubs within one to two months. This would eventually limit the US export response that has so far helped supplant global supply losses.

US commercial inventories are a particularly visible measure of fundamental balances. Cushing's role as the physical delivery hub for the US crude benchmark makes broader US crude storage an essential, price-informing component of the evolving global story.

“Global inventories will serve as a powerful price indicator in the months ahead. Stock draws — including SPR, commercial, and floating inventories — have played an important role in softening the blow of lost Middle East supply. The inventory cushion is not infinite. If supply disruptions persist, oil prices are expected to reflect a significantly tighter physical market as stocks are depleted,” concluded White.

ENDS

For further information please contact Wood Mackenzie’s media relations team:

Mark Thomton

+1 630 881 6885

mark.thomton@woodmac.com

Hla Myat Mon
+65 8533 8860  

hla.myatmon@woodmac.com

Chris Boba
+44 7408 841129

chris.boba@woodmac.com

Angélica Juárez

+5256 4171 1980

angelica.juarez@woodmac.com

You have received this news release from Wood Mackenzie because of the details we hold about you. If the information we have is incorrect you can either provide your updated preferences by contacting our media relations team. If you do not wish to receive this type of email in the future, please reply with 'unsubscribe' in the subject header.  

About Wood Mackenzie:

Wood Mackenzie is the global leader in analytics, insights and proprietary data across the entire energy and natural resources landscape. For over 50 years our work has guided the decisions of the world’s most influential energy producers, utilities companies, financial institutions and governments. Now, with the world’s energy system more complex and interconnected than ever before, sector-specific views are no longer enough. That’s why we’ve redefined what’s possible with Intelligence Connected: the fusion of our unparalleled proprietary data with the sharpest analytical minds, all supercharged by Synoptic AI, to deliver a clear, interconnected view of the entire value chain. Our trusted team of 2,700 experts across 30 countries breaks siloes and connects industries, markets and regions across the globe to empower our customers to identify risk sooner, spot opportunity faster and make every decision with complete confidence.

For more information, visit www.woodmac.com

Attachment

• Cushing storage inventories

Mark Thomton Wood Mackenzie 6308816885 mark.thomton@woodmac.com