The amount of crude oil in storage across the U.S. rose in the past week as did the total held at the Cushing Hub in northern Oklahoma.
Nationally, the U.S. had 462.6 million barrels of oil as of May 5, up from the 459.6 million barrels reported as of April 28, reported the U.S. Energy Information Administration.
Cushing’s total of crude oil in storage rose 400,000 barrels from April 28 to May 5, according to the EIA report. It increased to a total of 34 million barrels.
Cushing held 35.2 million barrels on March 24 and the total declined until late April when it recorded weekly gains.
A year ago, the amount of crude oil held at the Cushing Hub was 28.2 million barrels.