As the nation’s crude oil supplies increased slightly in the past week, so too has the amount of crude in storage at the Cushing oil hub in northern Oklahoma.
The U.S. Energy Information Administration reported Wednesday that Cushing’s crude in storage was 24 million barrels, up 1.8 million barrels from a week ago when the total was 22.2 million barrels.
A year ago, Cushing’s crude storage amounted to 48.2 million barrels.
The most recent total of 24 million compared to 30.5 million at the end of January this year. Cushing’s total estimated capacity of crude storage is 77 million barrels.
