A new federal government report showed the amount of crude oil in storage across the U.S. shrunk by nearly 2 million barrels as of the week of Jan. 10 of this year.
The U.S. Energy Information Administration reported the U.S. total was 412.7 million barrels as of the most recent reporting week, a decline of 1.9 million barrels from the 414.6 million barrels during the week of Jan. 3, 2025.
The decline is even greater compared to the last reported week in November 2024 when it totaled 10.7 million barrels, down from the 423.4 million barrels in storage at the time.
The Cushing Hub saw a gain of 800,000 barrels during the week of Jan. 10, 2025 when it held 20.8 million barrels. The storage in the previous week had totaled 20.0 million barrels. Cushing’s total is down 3.4 million from the 24.2 million recorded in the last week of November 2024.
A year ago, Cushing held 32.1 million barrels while the U.S. total in storage was 429.9 million barrels.