Both the Cushing Hub and the nation reported another drop in crude oil stocks over the past week.
The U.S. Energy Information Administration stated the amount of crude oil in storage at the Cushing Hub in northern Oklahoma dropped by 800,000 barrels of oil. It fell from the 33.5 million barrels recorded on July 5 to 32.7 million barrels on July 12.
Nationally, the drop was nearly 5 million barrels. The amount totaled 445.1 million barrels on July 5 and fell to 440.2 million barrels as of the 12th of the month. That’s a decline of 4.9 million barrels.
The U.S. stocks were 448.5 million barrels at the end of June.