The oil market has begun to adjust to the “new normal” in the global economy, with significantly lower fuel demand and decreased oil production. In the wake of the demand collapse and lower refinery utilization rates, storage levels for crude oil have finally peaked and are starting to decline as the economic recovery from COVID-19 begins. The Nexus of Oil Fundamentals At the heart of the global pricing network is the Cushing, Oklahoma crude oil storage hub, which provides the physical delivery mechanism for the CME Group’s NYMEX WTI futures contract. When the WTI futures contract was first listed in 1983, Cushing ... (full story)