Slow increase in crude stocks at Cushing and the US


The slow buildup in crude oil stocks across the U.S. and at the Cushing Hub in Oklahoma continued again in the past week.

Cushing added 700,000 barrels in the period from February 23 to March 1 when it hit 31.7 million barrels stored in its huge tanks. Earlier in February it held 29.5 million barrels of oil, according to the U.S. Energy Information Administration.

A year ago, the amount of crude in storage at the Cushing Hub was 39.8 million barrels.

The U.S. crude stocks made a slow increase too over the past week, going from 447.2 million barrels as of February 23 to 448.5 million barrels as of March 1.  That’s a gain of 1.3 million barrels of oil and played a role in impacting U.S. crude oil sale, reported the EIA.

A year ago, the U.S. crude stocks totaled 478.5 million barrels.