Crude oil stocks plunge in the US but gain at Cushing Hub



Crude oil stocks across the U.S. took a nose-dive in the past week while the amount of oil in storage at Oklahoma’s Cushing hub increased.

The U.S. Energy Information Administration released figures Wednesday, showing the total of crude oil held in the U.S. dropped by more than 12 million barrels. The amount fell from 460.7 million barrels reported as of June 21 to 448.5 million on June 28 which was the latest reporting period for the EIA.

The Cushing Hub saw a gain of 300,000 barrels, moving from 33.9 million barrels on June 21 to 34.2 million barrels as of June 28.

The EIA reported that one year ago, Cushing held 42.8 million barrels of crude oil while the national count was 452.2 million barrels.