Crude oil stocks across the U.S. and at the Cushing Hub in Oklahoma declined in the past week.
The U.S. total fell by 2.5 million barrels, from 432.4 million barrels reported as of January 4, 2024 to 429.9 million barrels as of January 12 of this year.
According to the U.S. Energy Information Administration, the U.S. crude oil stocks totaled 448 million barrels a year ago.
Cushing’s total in storage dropped 2.1 million barrels for the same time period. On January 5, the Oklahoma hub held 34.2 million barrels but it was down to 32.1 million barrels by January 12. The decline was even more compared to the end of December 2023 when the total amount of crude oil in storage was 34.7 million barrels.