The amount of crude oil in storage at the Cushing hub in northern Oklahoma is at its lowest level since October 2018 and stands at 33.6 million barrels according to the U.S. Energy Information Administration.
The EIA said Cushing’s crude stocks fell by 980,000 barrels last week as inventories at the country’s largest oil storage hub and delivery point dropped for 10 straight weeks.
Total U.S. crude oil stockpiles dropped last week to their lowest levels since January 2020, an indication that U.S. fuel demand rebounded after Americans became vaccinated against coronavirus and started traveling.
The nation’s inventories dropped by 3.2 million barrels to 435.5 million barrels in the week up to Aug. 13.
Analysts suspect however, the demand for gasoline might ease as COVID-19 infections are surging again.