While crude oil supplies slipped a small amount in the U.S. over the past week, stocks at the Cushing hub in Oklahoma made a slight gain.
The U.S. Energy Information Administration reported the amount of crude oil held in storage at Cushing as of April 29 was 28.8 million barrels. A week earlier, Cushing’s storage amounted to 27.5 million barrels, resulting in a gain of 1.4 million barrels.
In comparison, Cushing had 46.3 million barrels in storage one year ago. So the decline in the past year amounted to a decline of 37.8% reported the EIA.
Two years ago, Cushing had 65.4 million barrels in storage, meaning there has been a drop of 56% in crude oil in the past 24 months.
The U.S. total in crude oil storage amounted to 965.7 million barrels, a drop of 1.8 million barrels from a week earlier.
The nation’s crude oil storage has decreased nearly 14% from a year ago and 17.5% from two years ago when the U.S. had 1,170.1 million barrels in storage.
