EIA Cushing Crude Oil Stocks Change
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 how crude oil inventories at Cushing, Oklahoma changed from the prior week. The data are published by the U.S. Energy Information Administration in the Weekly Petroleum Status Report, within the table covering crude stocks by Petroleum Administration for Defense District and U.S. petroleum-product stocks. Cushing stocks include domestic and foreign crude held in tank farms in specified Oklahoma counties and are reported in million barrels. Because Cushing is the delivery point for NYMEX WTI crude oil futures, its inventory level can matter more for WTI pricing than its size alone would suggest.
Why traders watch it
Cushing is a key storage and pricing hub for U.S. crude oil. When inventories at the hub rise or fall unexpectedly, traders may reassess local supply availability, storage constraints and the balance between physical crude and futures pricing. The release can influence WTI futures, time spreads, crude differentials, energy equities and commodity-linked inflation expectations.
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 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 data can create sharp short-term moves in WTI, particularly when storage levels are near operational limits or when the surprise conflicts with total U.S. crude inventories.
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.
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