As the U.S. crude stocks increased in the past week, the Cushing Hub in northern Oklahoma experienced a decline in its crude oil in storage.
The U.S. Energy Information Administration, in a Wednesday release, show the U.S. crude stocks increased by 800,000 barrels, from 418.3 million barrels as of August 30 to 419.1 million barrels on Sept. 6. But the nation’s total of crude oil in storage has declined by 13.9 million barrels since late July.
The Cushing Hub recorded a decline of 1.7 million barrels from Aug. 30 to Sept. 6. It fell from 26.4 million barrels at the end of August to 24.7 million barrels by the end of the first week in September. Cushing’s total dropped 5.2 million barrels since the end of July, falling from 29.9 million barrels to 24.7 million.
