Cushing Hub’s oil storage declined in past week


The amount of crude oil held in storage at the Cushing Hub in northern Oklahoma declined slightly in the past week according to the U.S. Energy Information Administration.

The EIA reported the total of crude in storage as of March 3 of this year was 39.8 million barrels, down from the 40.7 million barrels reported as of Feb. 24, 2023.

A year ago on March 4, 2022, the Cushing Hub held 22.2 million barrels. The increase in the past year was more than 79%.

Two years ago, Cushing held 48.8 million barrels.