Crude stocks across the U.S. and at the Cushing Hub in Oklahoma made a continuing build in the past week.
The U.S. Energy Information Administration reported the U.S. crude oil stocks gained nearly 4 million barrels. It went from 439.4 million on February 9 to 443 million barrels as of February 16.
The nation’s oil stocks have swelled by nearly 16 million barrels since February 2 when they totaled 427.4 million barrels.
Cushing’s petroleum stocks, according to the EIA increased just about 3 million barrels from February 9 to February 16. It moved from 28.8 million barrels on February 9 to 29.5 million barrels on the 16th of the month. The total amount of crude oil held in the vast hub was 28.1 million at the start of the month.