Crude oil supplies at the Cushing Hub in Oklahoma recorded a gain of 1.5 million barrels in the past week according to the latest report from the U.S. Energy Information Administration.
The EIA reported Cushing held 35.5 million barrels as of May 12 of this year compared to 34 million on May 5. Cushing’s total crude storage has been on the increase since April 21 when there were 32.8 million barrels.
Cushing held 25.8 million barrels on May 13, 2022.
The U.S. total storage of crude also rose in the past week. It was listed as 467.6 million barrels on May 12, up from the 462.6 million barrels on May 5, according to the EIA.
A year ago, the nation’s total crude oil in storage was 420.8 million barrels.