Cushing’s drop in stored crude oil took a pause in the past week as it held nearly the same amount of oil as the previous week reported the U.S. Energy Information Administration.
The government reported the amount of crude oil held at the northern Oklahoma hub actually increased from 34.5 million barrels at the end of July to 34.6 million as of August 4, 2023.
Earlier reports from the EIA showed a trend of declining stocks at Cushing, beginning in June when the hub held 43.2 million barrels.
Nationwide, stocks increased from 439.8 million barrels on July 28 to 445.6 million barrels as of August 4, according to the EIA. In June, the U.S. had a recorded 453.7 million barrels of oil in storage.