# Paid Program: North America’s Major Oil Hub Is Seeing a Significant Drawdown in Stocks

> A paid CME Group program reports that crude oil storage at Cushing, Oklahoma, has peaked and begun to decline as demand recovers from COVID-19. Cushing is the delivery point for the NYMEX WTI contract.

- Date: 2020-08-18 · published 2020-08-18T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/51801-paid-program-north-america-s-major-oil-hub-is-seeing-a-significant-drawdown-in
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling Cushing inventories tighten the WTI market and can support crude prices, which feed into energy and input costs for feed producers.

## Read by commodity

- WTI: bullish ▲

## Sources

- partners.barrons.com: https://partners.barrons.com/cme-group/north-americas-major-oil-hub-is-seeing-a-significant-drawdown-in-stocks/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.