Both the Cushing Hub in northern Oklahoma and the nation’s crude oil supplies dropped over the past week, according to the most recent report from the U.S. Energy Information Administration.
Cushing’s total fell 1 million barrels as of Nov. 22. It dropped from 25.1 million barrels recorded on Nov. 15 to 24.1 million in the most recent reporting period from the government. However, the drop at Cushing since Nov. 24 of 2023 was 3.6 million barrels.
The U.S. total dropped 1.9 million barrels, falling from 430.3 million barrels recorded on Nov. 15 to 428.4 million barrels as of Nov. 22 of this year. The decline since a year ago was 21.3 million barrels. During the week of Nov. 24, 2023, the U.S. crude stocks totaled 449.7 million barrels.
