U.S. crude supplies continue their fall according to reports issued by the government and the American Petroleum Institute. The decline included the amount of crude oil held in storage at the Cushing hub in northern Oklahoma.
Supplies nationwide dropped by 6.4 million barrels for the week ended September 10 reported the U.S. Energy Information Administration on Wednesday.
The EIA stated that at 417.4 million barrels, U.S. crude oil inventories are about 7% less than the five year average for this time of year.
Those held at the Cushing hub slid by an estimated 1.3 million barrels for week, according to sources and the API.
Total motor gasoline inventories decreased by 1.9 million barrels last week and are about 4% below the five year average for this time of year, according to the EIA.
Source: EIA