Cushing oil hub continues to see drop in crude storage

India COVID surge drives oil prices down for second straight day | Oil and Gas News | Al Jazeera

 

The nation’s crude oil in storage dropped again in the past week as did the amount of crude at the Cushing hub in northern Oklahoma.

The U.S. Energy Information Administration said the total US commercial crude oil inventories fell by 0.4 million barrels from the previous week. The Cushing hub had a reported 31.2 million barrels in storage as of October 15, down 2.3% from 33.6 million as of October 8.

A year ago, Cushing had 60.4 million barrels in storage meaning the most recent amount is 48.3% lower. Two years ago, it had 44.5 million barrels on hand. The Cushing hub peaked in May 2020 with 65 million barrels in storage.

At 426.5 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year according to the U.S. Energy Information Administration.

Total motor gasoline inventories decreased by 5.4 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate
fuel inventories decreased by 3.9 million barrels last week and are about 10% below the five year average for this time of year.

Propane/propylene inventories increased by 1.9 million barrels last week and are about 17% below the five year average for this time of year. Total commercial petroleum inventories decreased by 9.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 14.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels a day, up by 9.8% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 8.3% from the same period last year. Jet fuel product supplied was up 50.1%
compared with the same four-week period last year.

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