Another fall in crude oil inventories was reported across the U.S. and including at Oklahoma’s Cushing Hub.
The Energy Information Administration reported national stocks fell by 10.6 million barrels in the past week, far more than expected on the back of increased exports. Crude inventories fell to 422.9 million barrels, the lowest amount since the end of December 2022.
Nationally, crude stocks started the month of August at 445.6 million barrels of crude.
Cushing experienced a drop of nearly 1.5 million barrels, according to the EIA. Its inventory fell from 30.7 million barrels on August 18 to 29.2 million as of August 25.
The Cushing hub began the month with nearly 35 million barrels of crude oil.