Crude stocks dropped again across the U.S. and at the Cushing Hub in the past week.
According to a report issued by the U.S. Energy Information Administration, the U.S. total in crude oil stocks dropped dramatically from 429.9 million barrels as of January 12 of this year to 420.7 million barrels on the 19th of the month.
It was the latest decline reported by the EIA which had noted that the U.S. crude stocks dropped in early January from 432.4 million barrels.
Cushing’s crude oil in storage also dropped by 2 million barrels, from 32.1 million barrels on January 12 to 30.1 million barrels on the 19th of January, 2024. It reflected a continuation of a decline in crude oil storage at the hub in northern Oklahoma.
Cushing held 34.2 million barrels as of early January. It experienced a slight build-up in December 2023 to early this month, but since then, its total amount of crude oil has declined.