The Cushing crude oil hub in Oklahoma continued its slow decline in total crude oil storage according to the latest government report.
The U.S. Energy Information Administration on Wednesday reported the total amount of crude in storage at the northern Oklahoma site as of September 9 was 24.6 million barrels of oil. It was 200,000 barrels less than the 24.8 million barrels reported on September 2.
Cushing’s oil storage has seen a continued slight decline on a weekly basis in the past several months. On August 26, Cushing held 25.3 million barrels while on August 19, the amount was 25.8 million barrels.
Nearly a year ago, the EIA reported Cushing’s total storage was 35.3 million barrels of oil.