Crude oil in storage at Cushing hub continues to grow

Crude Oil Inventories, July 22


As U.S. crude oil production makes gains, so is the amount of crude in storage at Oklahoma’s Cushing hub.

The latest information from the U.S. Energy Information Administration showed Cushing held 40.4 million barrels of oil as of February 17, 2023. A year ago, the hub maintained only 23.8 million barrels.

The increase to more than 40 million barrels has been slow but steady since the beginning of the year. As of January 6, Cushing held 27.8 million barrels but saw slow gains with every weekly report from the EIA.

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Cushing’s storage total is growing along with U.S. oil production. The U.S. average crude oil production as of Feb. 17, 2023 was 12.275 million barrels a day. A year ago, the average daily production was 11.575 million barrels according to the EIA.