The amount of crude oil in storage at Oklahoma’s Cushing hub increased in the past week, while nationally figures saw a slight decline.
The U.S. Energy Information Administration reported Cushing held 40.6 million barrels of oil as of June 2 of this year, up 1.7 million from the 38.9 million reported on May 26.
Cushing has seen slight gains in its total stored crude since earlier in the week. It held 37.2 on May 19, 35.5 million barrels on May 12, 34.0 million barrels on May 5 and 33.1 million barrels as of April 21.
A year ago, Cushing held only 23.4 million barrels in early June 2022.
Nationally, the total amount of crude oil in storage was 459.2 million barrels as of early June, compared to the 416.8 million barrels reported in early June of 2022. The U.S. storage total declined 500,000 barrels from the 459.7 million reported by the EIA as of May 26.
The U.S. total in early May was 462.6 million barrels.