The Cushing Hub remained steady in the past week of the amount of crude oil in storage, reaching 42 million barrels of oil.
The U.S. Energy Information Administration, in its weekly Petroleum Report, indicated Cushing actually declined slightly from the 42.1 million barrels reported on June 9. The 42-million level was as of June 16.
Cushing held 34 million barrels at the start of the month of May.
A year ago, Cushing held only 22.6 million barrels. The new total represents a gain of 86.3% according to the EIA.
Two years ago, the Cushing Hub held 43.6 million barrels, so the past week’s total is 3.3% less.
The U.S. total of crude in storage, according to the EIA, from to 463.3 million barrels as of June 16, down from the 467.1 million barrels recorded June 9. A year ago, the EIA reported the nation’s total in stored crude oil was 418.3 million barrels.