WTI $42.94 — noon Tuesday
Crude oil inventories at the hub in Cushing are approaching the high levels seen in April when limited storage capacity amid crashing demand contributed to WTI’s plunge into negative territory.
Commercial stocks at Cushing rose to 61.6 million barrels in the week to November 13, according to the latest data from the Energy Information Administration (EIA) — up from 60.4 million barrels at the hub at the end of the previous week, and a 39.3-percent jump compared to the same week in 2019 when inventories stood at 44.2 million barrels.
This places Cushing’s capacity at around 81 percent, according to Bloomberg’s estimates.
To compare, in the first week of May at the peak Cushing inventories this year, commercial crude oil inventories at the site exceeded 65 million barrels — 83 percent of the site’s working capacity, according to EIA data. Between early May and the last week of June, crude oil inventories at the storage hub had decreased to 45.6 million barrels then started a gradual started rise again in July.
Oklahoma gas prices have fallen 2.3 cents per gallon in the past week, averaging $1.75/g today, according to GasBuddy's daily survey of 2,294 stations. Gas prices in Oklahoma are 7.1 cents per gallon lower than a month ago and stand 53.4 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Oklahoma is priced at $1.49/g today while the most expensive is $2.19/g, a difference of 70.0 cents per gallon. The lowest price in the state today is $1.49/g while the highest is $2.19/g, a difference of 70.0 cents per gallon.
The national average price of gasoline has fallen 1.5 cents per gallon in the last week, averaging $2.10/g today. The national average is down 5.0 cents per gallon from a month ago and stands 49.6 cents per gallon lower than a year ago.
Historical gasoline prices in Oklahoma and the national average going back ten years:
November 23, 2019: $2.28/g (U.S. Average: $2.59/g)
November 23, 2018: $2.22/g (U.S. Average: $2.55/g)
November 23, 2017: $2.27/g (U.S. Average: $2.51/g)
November 23, 2016: $1.86/g (U.S. Average: $2.12/g)
November 23, 2015: $1.79/g (U.S. Average: $2.06/g)
November 23, 2014: $2.58/g (U.S. Average: $2.81/g)
November 23, 2012: $3.13/g (U.S. Average: $3.43/g)
November 23, 2011: $3.12/g (U.S. Average: $3.32/g)
November 23, 2010: $2.69/g (U.S. Average: $2.85/g)
Neighboring areas and their current gas prices:
Oklahoma City- $1.71/g, down 1.9 cents per gallon from last week's $1.73/g.
Tulsa- $1.73/g, down 3.3 cents per gallon from last week's $1.77/g.
Amarillo- $1.62/g, down 4.4 cents per gallon from last week's $1.67/g.
"With Thanksgiving nearly upon us and fewer Americans hitting the road, gas prices have seen some downward movement over the last week, even as oil prices hold near recent highs," said Patrick De Haan, head of petroleum analysis for GasBuddy. "We may end up seeing the lowest Thanksgiving prices in five years if prices continue to trend lower this week, a sign of how the coronavirus has sapped demand for the majority of the year. Between now and the end of the year, we aren't likely to see many fireworks at the pump as demand continues to remain well below prior years, but as a vaccine is set to be released in the months ahead, prices will likely aim for higher ground, so motorists take heed that today's prices may not hold for much longer."