The drop in the amount of crude oil held in storage at the Cushing Hub in northern Oklahoma has been slow but steady since the first of the year.
As of this week, the Hub held 21.3 million barrels of crude oil, according to the latest Petroleum Report issued by the U.S. Energy Information Administration.
Nearly one year ago, on June 25, 2021, the amount of crude in storage at Cushing was 40.3 million barrels.
The June 24, 2022 amount is about 700,000 barrels less than June 17 and compared to 22.6 million barrels reported on June 10.
Ever since the first of June, the crude oil in storage has slipped several hundred thousand barrels a week. On June 3, Cushing had 23.4 million barrels.
In early January, Cushing’s crude oil in storage totaled 34.8 million barrels.