The government reported Wednesday a gain of more than 5 million barrels held in the nation’s crude oil stocks. At the same time, the amount of crude in supply at Oklahoma’s Cushing Hub held steady from last week.
The U.S. Energy Information Administration reported the nation’s crude stocks rose from 421.9 million barrels on January 26 to 427.4 million barrels o February 2 of this year—a gain of 5.5 million barrels.
The national crude stock has gained nearly 7 million barrels since January 19, according to the EIA.
Cushing’s total in crude oil stocks was unchanged at 28.1 million barrels recorded on February 2, same as a week earlier. The Cushing total fell by nearly 2 million barrels since late December 2023 and a year ago, the amount held at the northern Oklahoma hub was more than 39 million barrels of crude oil.