Inventories at the largest commercial crude storage hub in the United States have fallen to their lowest level since 2014, as a surge in wartime exports has drawn down domestic supplies.

Data released by the Energy Information Administration on Wednesday shows that stockpiles at the Cushing, Oklahoma storage center have declined for eight consecutive weeks, now standing at approximately 20 million barrels. This is the minimum operational level recognized by most traders.

The inventory level at Cushing is crucial for traders in determining the benchmark price for US crude futures. The WTI futures price, in turn, serves as the pricing benchmark for millions of barrels of crude traded across the Americas.

US crude exports have surged to record highs during the conflict to fill global supply gaps, leading to the sharp drawdown in Cushing stocks. The Middle East conflict has trapped roughly 20% of global energy shipments in the Persian Gulf region.

Concurrently, the nation's strategic crude reserves are also declining as the previous administration's plan to release 172 million barrels from the Strategic Petroleum Reserve to mitigate wartime fuel price increases progresses.

The Strategic Petroleum Reserve, established after the Arab oil embargo in the early 1970s, fell this week to around 340 million barrels, nearing a historic low. This marks the lowest level since 1983.

Overall US petroleum inventories, including fuels, have now dropped to their lowest level since records began in 1985. The dual declines in Cushing stocks and the strategic reserve have significantly reduced the nation's buffer against potential supply shocks.