The tightening of crude oil supplies was reflected again at the Cushing hub where there was another drop in crude stocks in the past week, according to the government.
Nationally, it was an historic fall of 17 million barrels, the largest such decline in U.S. crude inventories according to records dating back to 1982.
The U.S. Energy Information Administration reported crude supplies fell again at Cushing and across the U.S. Cushing saw a decline of more than 1 million barrels of oil from July 21 to July 28. As of the end of July, it held 34.5 million barrels while a week earlier, its stock totaled 35.7 million barrels.
Cushing’s crude oil stocks were at 42 million barrels on June 16.
Nationally, the crude stock decline was even greater, tumbling from 457.4 million barrels reported July 14 to 439.8 million on the 28th of the month. Back in mid-June, the U.S. recorded 463.3 million barrels of oil in reserve.