U.S. crude oil storage dropped in the past week while there was an increase in the amount of oil stored at the Cushing hub in northern Oklahoma.
The EIA reported Cushing’s total of oil in storage as of Oct. 28 was 28.2 million barrels, up from the 26.9 million barrels reported as of Oct. 21 of this year. The difference was an increase of 1.3 million barrels.
Cushing’s total compared to 26.4 million barrels in storage as of a year ago, a gain of 6.6% reported the EIA. But the more than 28 million barrels is nearly 54% below the 60.9 million barrels reported at Cushing on Oct. 30 of 2020.
Nationally, the amount of crude oil in storage as of Oct. 28 of this year was 836.6 million barrels, down from the 841.7 million barrels reported on Oct. 21. That’s a decline of 5 million barrels.
A year ago, the U.S. had 1,046.6 million barrels of crude oil in storage so this past week’s total is more than 20% less.
The amount in storage nationally compared to two years ago is 25.5% less.