The amount of crude oil in storage at the Cushing Hub of northern Oklahoma fell again in the past week, reaching its lowest level of 2023.
The U.S. Energy Information Administration reported that as of April 14, there were 32.8 million barrels held in storage at the hub. It was a drop of 1 million barrels from April 7 of this year.
Cushing’s storage of crude oil was nearly 40 million barrels at the start of March.
The U.S. total was reported by the EIA to be 466 million barrels as of April 15, down from 470.5 million on April 7, 2023