A government report shows the amount of crude oil in storage at the Cushing tank farm in Oklahoma dropped by more than 2 million barrels earlier this month.
The U.S. Energy Information Administration reported Wednesday there was 25.8 million barrels in storage at Cushing as of May 13. The amount in storage as of May 6 was 28.2 million barrels. So over the previous week, Cushing storage dropped by 2.4 million barrels.
Crude storage had totaled nearly 29 million barrels as of the end of April. It also contained 34.8 million barrels at the first of the year.
A year ago, Cushing had nearly 46 million barrels of crude in storage according to the EIA..