With oil prices below $50 a barrel, it would appear commonsense to look to Saudi Arabia, the world’s largest oil producer for clues on whether prices will fall again or start a recovery. Many oil traders, however, are looking at a small town in the US.

Cushing, Oklahoma, is the hub of America’s oil pipeline network and the delivery point for the Nymex West Texas Intermediate crude oil contract, the world’s most closely followed oil benchmark.