While the nation’s crude oil stocks declined in the past week, the amount of crude oil held in storage at Oklahoma’s Cushing Hub increased.
The U.S. Energy Information Administration reported the nation’s oil stocks fell 4.2 million barrels, from 445 million barrels on December first to 440.8 million barrels as of December 8.
The nation’s oil stocks have fallen 9.1 million barrels since the last week in November.
Cushing, on the other hand, recorded an increase in crude oil stocks. The gain totaled 1.2 million barrels as the Hub went from 29.6 million barrels on December 1 to 30.8 million barrels as of December 8.
Cushing’s increase in crude oil has been even more dramatic since the last week in October when it contained only 21.5 million barrels