A new report by the U.S. Energy Information Administration shows the amount of crude oil in storage at the Cushing hub increased slightly in the past week.
The most recent figure was from April 1 when Cushing held 25.9 million barrels of crude oil. It was an increase of 1.7 million barrels compared to March 25. But the new total is still only about one-third of Cushing’s reported capacity of nearly 77 million barrels.
On March 18, the Cushing hub held 25.2 million barrels of oil according to the EIA.
The new balance as of April 1 compared to 46.3 million barrels stored on April 2, 2021. Cushing’s lowest total was 22.2 million in early March.
