A report by the federal government showed the amount of crude oil in storage at Oklahoma’s Cushing hub slipped again this month to slightly more than 27 million barrels of crude.
The U.S. Energy Information Administration reported a decline of 2.8 million barrels of oil as of Feb. 4, 2022. Total storage for that date amounted to 27,727,000 barrels of oil, down from the 30,528,000 million barrels reported as of Jan. 28, 2022.
Cushing has seen a continued decline in stored crude over the past year and since the end of 2021. It had more than 37 million barrels of crude oil as of Dec. 31, 2021. By Jan. 21, 2022, the amount had dropped to 31,701,000 barrels of crude oil.
As of the fall of 2019, Cushing had a reported capability of storing 76 million barrels of crude oil. The number might have changed if more storage tanks were constructed since then at the hub.
The EIA reported the nationally, the U.S. had 410.4 million barrels of oil in storage this past week, a decline of 4.8 million from the previous week. It also represented a drop of 58.6 million barrels over the past year.
