The amount of crude oil stored at the Cushing hub in northern Oklahoma saw a slight gain in the past week.
The U.S. Energy Information Administration reported Wednesday that Cushing held 26.9 million barrels of oil as of October 21, a gain of about 700,000 barrels compared to the previous reporting date of Oct. 14, 2022.
The most recent storage compared to 27.3 million barrels of crude oil held at Cushing on Oct. 22 of last year or a decline of 1.6%.
Two years ago, Cushing held 60 million barrels of crude oil, meaning the most recent amount held in storage is more than 55% less.
The EIA reported the U.S., as of Oct. 21 of this year, had 841.7 million barrels of crude oil in storage, a decline of about 800,000 barrels from Oct. 14.
A year ago, the U.S. had 1,045 million barrels of crude oil in storage, meaning the most recent total of 841.7 million was 19.5% less.
The most recent U.S. total is also nearly 26% less than what was in storage two years ago—1,131.8 million barrels of oil.