Crude oil stocks plunged in the past week across the U.S. while there was a slight gain in the amount stored at the Cushing Hub in Oklahoma.
The U.S. Energy Information Administration reported the nation’s total of crude oil fell from 463.3 million barrels of oil as of June 16 to 453.7 million barrels on June 23. A year earlier, the U.S. total was 415.6 million barrels of oil in storage.
The Cushing Hub had 42 million barrels of oil on June 16 and increased to 43.2 million barrels as of June 23. In early May, Cushing maintained 35.5 million barrels of oil.
One year ago on June 24, the amount of crude oil held at the Cushing Hub totaled 21.3 million barrels.