US oil storage levels near record lows as exports surge
Cushing crude inventories fell to 22.4 million barrels as refiners increase exports to replace Middle East supply losses. Analysts warn that dropping below 20 million barrels could create operational challenges and further increase fuel prices for consumers.
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United States crude inventories fell 7.5% to 43.4 million barrels as exports reached a record 5.6 million barrels per day in May. Total stockpiles slumped by 63.9 million barrels since the start of the regional conflict as refiners worldwide sought alternatives to Middle Eastern supplies. This rapid drawdown of domestic buffers threatens to increase fuel costs for consumers and disrupt operations at major storage hubs.
