While the amount of crude oil in storage in the U.S. increased in the past week, the Cushing hub in northern Oklahoma also reported a slight gain in crude.
U.S. crude oil inventories increased by 1.3 million barrels from the previous week reported the U.S. Energy Information Administration. Inventories are about 15% below the five year average for this time of year.
The Cushing hub also saw a gain of 1.3 million barrels, rising form 27.5 million barrels on April 22 to 28.8 million barrels as of April 29. Nearly a month ago, storage at Cushing totaled 25.2 million barrels out of a total estimated capacity of about 77 million barrels.
One year ago, Cushing’s storage totaled 46.3 million barrels.