Ever since the Cushing hub hit a low of 21.3 million barrels the first of July, storage has slowly increased.
The U.S. Energy Information Administration reported this week Cushing had an estimated 23.5 million barrels of crude oil in storage as of July 22. It was an increase of 700,000 barrels from July 15 when there was an estimated 22.8 million barrels on hand.
On July 8, Cushing held 21.6 million barrels of crude oil.
On July 23 of last year, the hub held 35.4 million barrels.