The amount of crude oil stored at the Cushing hub in northern Oklahoma continues to decline falling by nearly 1 million more barrels over a week.
The U.S. Energy Information Administration reported that as of May 20, there was a total of 24,778,000 barrels of oil estimated to be in storage at Cushing. It was down from the 25,839,000 barrels stored there as of May 13, 2022.
At the end of April, Cushing held 28,800,000 barrels of crude oil. At the start of 2022, the amount of crude in storage at the hub was 34,838,000 barrels.
The decline in crude held at Cushing has been dramatic over the past year. The EIA reported that a year ago, Cushing had 44.8 million barrels in storage.
