Cushing records slight increase in crude storage


Oil rallies on big drawdown in U.S. crude stocks, strong demand | Reuters


New crude oil storage figures from the government show an increase in the past week in the amount of crude in storage at the Cushing hub in northern Oklahoma.

The U.S. Energy Information Administration report released Wednesday showed the amount of oil in storage at Cushing rose from 22.2 million barrels as of March 4 to 24 million barrels on March 11, the most recent day for data.

The 22.2 million barrels recorded on March 4 was the lowest amount in 2022 at Cushing. On January 28, there had been an estimated 30.5 million barrels of crude in storage at the hub.

A year ago, Cushing held more than 48 million barrels of crude oil.

Reports issued this week forecast an expected increase in Cushing crude storage as a result of a leak in a Marathon Pipe Line last week near Edwardsville, Illinois.