The total of crude oil in storage at Oklahoma’s Cushing hub slipped slightly in the past week reaching a level of just above 26 million barrels.
The U.S. Energy Information Administration reported the total was 26.2 million barrels as of April 15, down 100,000 barrels from April 8.
Records show the Cushing hub’s storage has fallen since the beginning of the year when on January 7, 2022, it totaled 34.8 million barrels.
Storage at Cushing prior to the COVID-19 pandemic was as high as 69 million barrels in April 2017. It dropped to 60.4 million barrels by Nov. 6, 2020 and 59 million barrels at the start of 2021.
Nationally, the EIA reported a total of nearly 414 million barrels of crude oil in storage, down 8 million barrels from the previous week.