Cushing Oil Inventories Are Soaring Again

Crude oil inventories at the Cushing storage hub in Oklahoma are approaching the high levels seen in April when limited storage capacity amid crashing demand contributed to the plunge in WTI Crude prices into negative territory.  Cushing is the designated delivery point for NYMEX crude oil futures contracts, and rapidly dwindling spare capacity there spooked the oil market at the end of April and early May.  Commercial stocks at Cushing rose to 61.6 million barrels in the week to November 13, according to the latest data from the weekly…