The most recent crude stocks report from the U.S. Energy Information Administration revealed a gain of crude oil in storage at Oklahoma’s Cushing Hub but a decline of 4.5 million barrels nationally.
The EIA report showed the U.S. stocks tumblerd from 417.5 million barrels as of September 13 to 413 million barrels on Sept. 20. The U.S. total is down 17.7 million barrels since the first week in August of this year.
The Cushing Hub gained 100,000 barrels of crude oil from Sept. 13 when it held 22.7 million barrels to 22.8 million barrels a week later. But Cushing’s total also declined 6 million barrels since Aug 9 of this year.