The amount of crude oil in storage declined in the past week across the U.S. and also at the Cushing Hub, according to the U.S. Energy Information Administration.
Cushing’s total fell 700,000 barrels from 34.2 million on June 28 to 33.5 million barrels as of July 5. A year earlier, Cushing held 41.2 million barrels of crude oil.
The EIA reported the national crude oil supply fell more than 3 million barrels, from 448.5 million barrels as of June 28 to 445.1 million barrels on July 5.
The U.S. crude stocks totaled neary 461 million barrels as of June 21 while Cushing’s total for the same date was 33.9 million barrels.