There is a reason crude oil prices rose by 3% in Wednesday’s trading and you have to look no further than its storage in Cushing, Oklahoma and other major sites.
Crude oil stocks across the U.S., including at the Cushing Hub in Oklahoma, took another drop over the past few weeks, reported the federal government.
The U.S. Energy Information Administration said Wednesday that U.S. stocks dropped by 2.3 million barrels, falling from 418.5 million as of September 8 to 416.3 million barrels on September 22. Weekly declines have been recorded over the past months. On August 11, the U.S. oil stocks totaled 439.7 million.
Cushing’s crude stocks fell nearly a million barrels since September 15 when it held 22.9 million barrels. However by September 22, the amount was down to 22 million. The decline has been even greater since August 11 when there were 33.8 million barrels in storage at the Cushing Hub.