The nation’s growing buildup of stored crude oil is reflected again at the Cushing Hub in northern Oklahoma where the amount rose over the past week.
The U.S. Energy Information Administration reported the Cushing Hub, as of February 3, held 39.1 million barrels of crude oil. It represented an increase of 1.1 million barrels compared to the 38 million barrels held in storage as of January 27, 2023.
Cushing’s total crude oil in storage has grown incrementally since the first of the year. On December 30, 2022, the hub held 25.3 million barrels of crude oil. A gain of 2.5 million barrels was recorded on January 6. By January 20, the amount had grown to 35.7 million barrels.