Crude oil stocks took another fall over the past week, both across the U.S. and at Oklahoma’s Cushing Hub.
The Cushing Hub, according to the U.S. Energy Information Administration, as of the week of Jan. 3, 2025 held 20 million barrels of crude oil, a drop of 2.5 million from the week of Dec. 27, 2024. Cushing’s total crude oil storage was also down 2.9 million compared to Jan. 5, 2024.
The nationwide crude stocks totaled 414.6 million during the week of Jan. 3, 2025, down one million barrels from the 415.6 million barrels during the week of Dec. 27, 2024. A year earlier, the U.S. crude oil supply totaled 432.4 million.
