Crude oil stocks around the U.S., including those at the Cushing Hub in Oklahoma, made gains over the past week.
The latest report from the U.S.Energy Information Administration showed a gain of 900,000 barrels of crude oil held in storage at the Cushing Hub in northern Oklahoma. The gain went from 22.8 million barrels as of September 20 to 23.7 million barrels recorded on September 27.
However, the Cushing total remains much lower than the 28.2 million barrels reported on August 16. There was a 4.5 million barrel drop to the current 23.7 million barrels. A year ago, Cushing’s total was 22.1 million barrels in storage.
The U.S. total increased nearly 4 million barrels from 413 million barrels reported on Sept. 20 to 416.9 million barrels on Sept. 27. However, the nation’s total crude stocks remain 9.1 million barrels less than the 426 million barrels recorded in mid-August.