U.S. crude oil supplies grew this week and the same could be said of the crude in storage at the Cushing hub in northern Oklahoma.
The U.S. Energy Information Administration reported the amount of crude held at Cushing increased by 400,000 barrels to reach a total of 26.3 million barrels as of April 8, the most recent reporting period.
On April 1, Cushing had a total of 25.9 million barrels in storage. The slow increase in total crude stored has occurred since February when there were only 22.8 million barrels stored at Cushing.
The EIA reported that one year ago, Cushing held 46.7 million barrels of crude oil.