Another drop in crude stocks across the U.S. including the Cushing Hub in northern Oklahoma was reported this week.
The U.S. Energy Information Administration recorded the U.S. total of crude oil fell 6.9 million barrels. The U.S. crude oil supply totaled 425.2 million barrels as of August 23 but fell to 418.3 million barrels by August 30. The drop from mid-July was even greater, 18.2 million barrels as the supply dropped from 436.5 million barrels to 418.3 million.
Cushing’s crude supply dropped from 27.5 million barrels as of August 23 to 26.4 million recorded on August 30, a decline of 1.1 million barrels. The Cushing Hub, considered the largest storage area of U.S. crude, dropped 4.6 million barrels since mid-July.
The Cushing Hub is considered a key player in the global crude oil market and includes more than 30 inbound and outbound pipelines along with 16 major storage terminals. As of 2022, Cushing’s working storage capacity, according to the EIA, was 78 million barrels with 94 million barrels of total shell capacity.