More dramatic drops in crude oil storage at the Cushing Hub in Oklahoma and across the U.S. were reported Wednesday by the U.S. Energy Information Administration.
Cushing’s total dropped 1.1 million barrels in the most recent reporting period. It fell from 31 million barrels as of July 19 to 29.9 million barrels as of July 26. The decline was event greater when compared to mid-June when there were 34.1 million barrels held at the northern Oklahoma crude oil hub—making for a drop of 4.2 million barrels.
The EIA reported the U.S. decline was 3.5 million barrels, falling from 436.5 million barrels in storage as of July 19 to 433 million barrels on July 26. The 433 million barrels currently in storage compared to 457.1 million barrels recorded as of June 14—a drop of 24.1 million barrels.
