Just as the nation’s crude supplies slipped in the past week, so has the amount of crude oil in storage at the Cushing Hub in northern Oklahoma.
The latest petroleum report from the U.S. Energy Information Administration showed Cushing’s oil supplies fell from 22.8 million barrels a week ago to 22.2 million barrels this week.
On Feb. 18, Cushing held 23.8 million barrels of crude. This week’s new storage figure compares to 31.7 million barrels on January 21, 2022. A year ago, the estimated crude supply at Cushing totaled 48.8 million barrels.
The storage capacity at Cushing is estimated at 77 million barrels.