Cushing’s buildup of stored crude oil continues to grow

Crude oil total falls again at Cushing hub - Oklahoma Energy Today


The slow buildup of crude oil in storage at Oklahoma’s Cushing hub is part of what has happened nationally—more and more oil is in storage. The nation’s crude inventories rose to their highest since May 2021 and represented the 10th straight weekly increase.

Cushing held 40.7 million barrels as of Feb. 24, according to the latest petroleum report from the U.S. Energy Information Administration. The amount represents more than 8% of what the nation has in storage–480.2 million barrels.

Cushing’s stored crude oil has grown continuously since the start of the year. It increased from 40.4 million barrels as of Feb. 17 to the 40.7 million as of the last EIA update.

Here is how the hub saw gains over the past several weeks.

Feb. 10   39.7 million

Feb. 3      39.1 million

Jan. 27     38.0 million

Jan. 20      35.7 million

Jan. 13       31.4 million

U.S. Energy Information Administration - EIA - Independent ...

The EIA reported this week the Midwest PADD or Petroleum Administration Defense District, of which Oklahoma is a part, held 128.6 million barrels of crude oil in storage. Because most of the nation’s refineries are in the Gulf Coast PADD, it held 230.4 million barrels.