The government’s latest report shows crude oil storage at the Cushing hub in Oklahoma continued to drop after a slight gain from two weeks ago.
The U.S. Energy Information Administration reported that as of August 26, Cushing maintained a total of 25,284,000 barrels of crude oil in storage. It was a decline of more than one-half million barrels of oil from the 25,807,000 million barrels reported in storage on August 19.
The latest report is still higher than the July 22 total of 23,540,000 barrels in storage at the northern Oklahoma site. However, the lowest amount reported so far in 2022 by the EIA was 21,261,000 million barrels on June 24.
The highest total held at the Cushing hub in 2022 was 34,838,000 million barrels recorded on January 7.