In a twist, the amount of crude oil in stock at the Cushing Hub in Oklahoma fell by 1.6 million barrels in the past week while nationally, there was an increase of nearly 4 million barrels.
According to the U.S. Energy Information Administration, Cushing held 33.8 million barrels as of June 7, a drop from the 35.4 million barrels recorded on May 31. The latest total for the Cushing Hub compares to 33.5 million barrels stored as of April 26.
The U.S. total gained 3.6 million baarrels from 455.9 million barrels on May 31 to 459.7 million barrels on June 7.