The growing supply of crude oil in the U.S. was reflected again in the past week as supplies made a slow gain at the Cushing hub in Oklahoma.
The U.S. Energy Information Administration reported that as of Feb. 14, Cushing’s total crude oil storage amounted to 39.7 million barrels, a gain of 800,000 barrels compared to Feb. 3 of this year.
Cushing has experienced a slow increase in stored crude oil since the beginning of the year when it held an estimated 25.3 million barrels. It jumped to 35.7 million barrels as from the end of December to Jan. 20.
A year ago, Cushing held an estimated 25.8 million barrels of crude oil.
The EIA predicted earlier in February that U.S. crude production would increase in 2023, even as demand wavered. It explains why there is a gain in the amount of crude oil in storage at Cushing.