Both the U.S. and the Cushing Hub saw slight gains in the amount of crude oil in storage in the past week, an improvement from recent declines that resulted in changes in the market.
The U.S. recorded a gain of 1.4 million barrels of oil from the 419.7 million barrels reported as of October 13. On Oct. 20, the total was 421.1 million barrels, still nearly 19 million barrels lower than the 439.9 million barrels reported as of Oct. 21 of last year.
The Cushing Hub reported a gain of 200,000 barrels as of Oct. 20 of this year, increasing from the 21 million barrels as of Oct. 13 to 21.2 million barrels on Oct. 20.
A year ago, Cushing held 26.9 million barrels, at least 5 million barrels more than the most recent report from the U.S. Energy Information Administration.