While the U.S. commercial crude inventories declined by more than 3 million barrels in the past week, inventories at the Cushing oil hub in northern Oklahoma increased slightly.
Cushing’s inventory amounted to 25.8 million barrels as of August 19, according to the U.S. Energy Information Administration. It was a gain of 400,000 barrels compared to the 25.4 million barrels reported on August 12.
The EIA reported the latest total of crude at Cushing compared to 33.7 million barrels on August 20, 2021, a difference of 23.3 million barrels.
The U.S. total declined 3.3 million barrels to 421.7 million barrels. The total is about 6% below the five-year average for this time of year according to the EIA.