The total of crude oil held in storage at the Cushing Hub in northern Oklahoma continued to decline over the past week according to the U.S. Energy Information Administration.
The EIA reported Cushing’s total dropped from 32.8 million barrels on April 14 to 33.1 million barrels as of April 21, 2023.
It compared to 27.5 million barrels held at Cushing one year earlier. However, at the beginning of March, Cushing held nearly 38 million barrels of crude oil.
Nationally, the amount of stored crude oil totaled 460.9 million as of April 21, down from 466 million barrels recorded April 14. A year ago, the U.S had 414.4 million barrels in storage.