The amount of crude oil held in the Cushing hub in Oklahoma continued to decline in the past week according to the latest report from the government.
The U.S. Energy Information Administration reported Wednesday that Cushing’s supply totaled 26.2 million barrels as of April 15, 2022, down 0.2 million from the 26.3 million barrels held as of April 8, 2022.
The EIA said the latest volume compared to 45.4 million barrels held as of April 16, 2021, a decline of 42.3%.
Compared to two years ago when there was a total of 59.7 million barrels in storage at the Cushing hub, the latest volume is down more than 56%.
