Crude oil supplies increased at the Cushing Hub in northern Oklahoma over the past week and did the same across the U.S.
The latest report from the U.S. Energy Information Administration showed a national gain of 5.8 million barrels as supplies across the country rose from 416.9 million barrels in late September to 422.7 million barrels as of Oct. 4.
However, the U.S. stocks also declined 2.5 million barrels since late August.
Cushing, known as the world’s biggest tank farm, saw a gain of 1.2 million barrels as the amount of oil stored in the massive tank field rose from 23.7 million barrels on Sept. 27 to 24.9 million barrels as of Oct. 4. Just like the national count, Cushing still holds less crude oil compared to late August when the supply count stood at 27.5 million barrels.
This Week In Petroleum Crude Oil Section – U.S. Energy Information Administration (EIA)