Permian Pipeline Flows Hit Highs as Cushing Inventories Dwindle

Oil shipments from the Permian Basin to Cushing, Oklahoma, have surged to maximum volumes on a key pipeline as stockpiles at the largest storage hub decline toward critical levels.

Crude stockpiles at Cushing dropped for a seventh consecutive week to 21.6 million barrels in the week ending June 5, according to Energy Information Administration data, as the world pulls on US barrels to make up for lost Middle East supply because of the Iran war. That has prompted a boost in volumes on Plains All American pipelines heading to Cushing, the delivery point for West Texas Intermediate futures contracts.

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