Crude oil total falls again at Cushing hub

Oil storage 'filling at rates never seen before' | Business | The Times


The amount of crude oil in storage at Oklahoma’s Cushing hub continued its downward slide in the most recent report from the U.S. Energy Information Administration.

As of Nov. 11, Cushing held an estimated 25.6 million barrels of oil, down from the 27.2 million reported on Nov. 4, 2022. That’s a decline of 1.6 million barrels in one week’s time.

Cushing’s stored crude oil dropped 2.6 million barrels over a two week period starting Oct. 28 when the total was 28.2 million barrels.

The EIA reported this week the U.S. has a total of 27.4  days of crude oil supply remaining in storage. A year ago, the supply had 28.5 days remaining.