The amount of crude oil stored in the Cushing hub improved only a little this week compared to last week as the massive operation holds only about a third of what it can contain in storage.
The U.S. Energy Information Administration reported Wednesday that the amount of crude in storage at the facility totaled 28,544,000 barrels of oil, up from 27,385,000 on Nov. 19.
The oil hub is capable of holding around 75 million barrels of oil and its drop in the amount held there concerned analysts over the past few months. In January 2021, Cushing had more than 59 million barrels of crude oil in storage. It had dropped to slightly more than 26 million by the beginning of November.