A new report shows the amount of oil in storage at the Cushing, Oklahoma storage hub declined for the week ended January 22. The American Petroleum Institute said supplies dropped by 3.5 million barrels for the week in Cushing while nationally, crude supplies fell 5.3 million barrels for the week.
Gasoline stockpiles went up by 3.1 million barrels and distillate inventories rose by 1.4 million barrels.
The Energy Information Administration is expected to release more data this week. Reports show it is expected to show crude inventories were down 1.7 million barrels while gasoline inventories increased 1.2 million barrels.
Reports earlier in the week indicated crude oil inventories at Cushing, as of November were at 81% of the hub’s capacity. They had increased to 61.6 million in November 2020, inching closer to the hub’s capacity of 76 million barrels.