The nation’s crude oil in storage took another drop this week and so did the amount held at the Cushing Hub in Oklahoma.
The U.S. Energy Information Administration reported the nation suffered a drop of more than 6 million barrels of oil while Cushing’s total fell nearly 2 million barrels. The declines in stocks occurred September 1 and compared to what was in storage on August 25.
The nation’s stock fell from 422.9 million barrels recorded August 25 to 416.6 million barrels reported as of the first of September. The U.S. decline has been underway for weeks. On August 4, there were 445.6 million barrels of crude oil in storage, meaning there was a decrease of 29 million barrels since then.
At Cushing, there had been 29.2 million barrels in storage as of August 25 but the total fell to 27.4 million by September 1, a decline of 1.8 million barrels. But Cushing held 34.6 million barrels on August 4, resulting in a decline of 7.2 million barrels of crude.