Crude stocks grew at Cushing Hub while nation’s storage declined in past week

Oil edges off low as strong export demand drains U.S. crude stocks | Reuters


While crude oil stocks at the Cushing Hub grew by nearly 2 million barrels in the past week, the nation’s storage total fell.

The U.S. Energy Information Administration reported the nation’s crude stocks fell by nearly 12 million barrels, going from 467.6 million barrels on May 12 to 455.2 million barrels as of May 19.

The total compares to 419.8 million barrels recorded a year ago.

Cushing’s crude stocks totaled 37.2 million barrels as of May 19, a gain of 1.7 million barrels compared to the 35.5 million barrels reported as of May 12.

In late April, Cushing’s stored crude stocks were 33.6 million barrels.