The Cushing hub continues to see a slight weekly gain in the amount of crude oil in storage.
With a working storage of about 76 million barrels across at least 15 terminals, Cushing’s latest amount on hand was 32.2 million barrels as of Dec. 10, 2021 reported the U.S. Energy Information Administration,
That’s an increase of 1.3 million from the 30.9 million barrels reported a week ago.
A year ago, the Cushing hub held 58.4 million barrels so the decline in the past 12 months was 44.9 million barrels.
Two years ago, the amount of crude oil in storage at the Cushing hub totaled 40.2 million barrels.
While Cushing has maximum storage of about 90 million barrels across 15 terminals, working storage is more like 76 million barrels, about 13% of total U.S. oil storage capacity.
