Cushing, Oklahoma has experienced a massive shift of crude oil out of storage over the last two months.  Over this time crude oil inventories at Cushing has fallen by 40% to 34 million barrels from 50 million barrels. The drawdown marks the end of a period that saw a massive build up of crude inventories that was the result of a significant increase in US domestic oil production coupled with a lack of pipeline infrastructure to move the product. Additionally, crude oil is also moving out of storage because the WTI futures contract is in backwardation – a situation where markets are expecting crude oil prices to fall.