U.S. oil exports have climbed following Russia’s invasion of Ukraine, and barrels of domestic oil that would typically go to the Cushing, Oklahoma, storage hub are instead being exported via the Gulf Coast, traders said.
The invasion threw the oil market into disarray, as companies stopped buying Russian oil and prices skyrocketed.
Worldwide buyers are looking to source crude wherever they can, and exports have risen in recent weeks from the United States, the world’s largest crude producer.
Cushing, Oklahoma, known colloquially as the crossroads of the oil industry, is where holders of U.S. West Texas Intermediate futures contracts take delivery.
