Crude oil supplies again rose at the Cushing hub in Oklahoma in the past week, following what the U.S. total storage supply did.
The U.S. Energy Information Administration reported Cushing’s stored crude oil increased 4.3 million barrels, reaching a new total of 35.7 million barrels as of January 20. A week earlier on January 13, Cushing held 31.4 million barrels reported the EIA.
At the beginning of January, the Cushing hub held 27.8 million barrels, a slight gain from 25.3 million reported at the end of 2022.
The U.S. total also increased, reaching a total of 448.5 million barrels as of January 20, 2023. It was a gain of 500,000 barrels of oil from Jan. 13 of this year. The nation’s crude oil in storage has grown since the end of 2022 when it totaled 420.6 million barrels.