Crude stocks declined again in a big way at the Cushing Hub in Oklahoma and across the U.S., reported the U.S. Energy Information Administration.
Cushing’s total in stored crude oil fell 2 million barrels, from 24.7 million recorded on September 6 to 22.7 million barrels on September 13 which is the latest reporting period according to the EIA. Cushing’s amount of stored crude has plummeted 7.7 million barrels since August 2 when it held 30.4 million barrels.
Despite a drop in crude oil since early August, the Cushing Hub still saw a gain of 200,000 barrels since mid-September of 2023 when it held 22.9 million barrels.
The national total, as of September 13 of this year was 417.5 million barrels down 1.6 million from September 6 when it was 419.1 million barrels. The U.S. crude stocks are 11.8 million barrels lower compared to August 2, 2024 and 10.8 million barrels fewer than mid-September of last year.