If traders and analysts were nervous last week over the growing reduction of crude oil at the Cushing hub in Oklahoma, they will really be anxious over the latest decline.
The U.S. Energy Information Administration reported Wednesday the amount of crude in storage at Cushing, one of the largest storage sites in the U.S., was 27.3 million barrels, down 3.9 million from a week earlier when the total was 31.2 million in storage.
The dramatic decline is even more highlighted when this year’s storage total is compared to a year ago and two years ago.
One year ago, Cushing held 60 million barrels of crude oil so the drop as of the week ending October 22, 2021 was more than 54 million barrels. Two years ago, Cushing had 46 million barrels in storage and the drop since then was nearly 41 million.