Crude oil supplies fell both nationally and at the Cushing Hub in Oklahoma as of the most reporting period from the federal government.
The Energy Information Administration reported a decline of 1 million barrels nationally. As of the week of Jan. 17, the U.S. crude stocks totaled 411.7 million barrels, down from the 412.7 million barrels as of the week of Jan. 10, 2025. But the decline was 10.3 million barrels since early December.
The Cushing Hub stocks fell by 100,000 barrels from Jan. 10 to Jan. 17 of this year. Cushing held 20.7 million barrels as of the most recent reporting week compared to 20.8 million during the week of Jan. 10. The amount in storage has declined 2.2 million barrels since Dec. 6, 2024.