The nation’s total of crude oil stocks took a plunge of 5 million barrels in the most reporting period, according to the U.S. Energy Information Administration.
The EIA showed the nation’s amount of crude oil from from 428.4 million barrels the week of Nov. 22 to 423.4 million barrels in the most recent week of Nov. 29, 2024. The total dropped even more since Nov. 15 when it was 430.3 million barrels, resulting in a drop of 6.9 million barrels.
While the nation’s supply dropped, the crude stocks in storage at the Cushing Hub in northern Oklahoma increased by 100,000 barrels, from 24.1 million on Nov. 22 to 24.2 million barrels as of Nov. 29. The decline was 900,000 barrels since Nov. 15.