A surge in crude oil stocks was reported by the government in the past week while the Cushing Hub in Oklahoma recorded a slight drop in its supplies.
The U.S. Energy Information Administration reported the nation’s crude stocks soared by nearly 6 million barrels from the end of March to early April.
On March 29, the U.S. crude stocks totaled 451.4 million barrels and it increased to 457.3 million barrels by April 5. The increase was even more when compared to the 445 million barrels reported on March 15 by the EIA.
The latest t otal of 457.3 million barrels is still below the 470.5 million barrels in crude oil stocks on April 7 of 2023.
Cushing saw its total in crude oil stocks drop from 33.2 million barrels on March 29 to 33 million barrels as of April 5. In late February, Cushing held 31 million barrels of crude oil.
Cushing’s total a year ago was 33.8 million barrels.