Crude oil stocks took another tumble in the most recent reporting period across the U.S. and the decline included the Cushing Hub in northern Oklahoma.
The U.S. Energy Information administration reported the amount of crude oil held at the Cushing Hub declined by 1.8 million barrels from March 14 to the week of March 21. Cushing fell from 23.5 million barrels the week of the 14th to 22.7 million barrels in the most recent reporting period.
The decline was even greater when compared to the 24.5 million barrels held at the Cushing Hub the week of March 7.
The U.S. total fell 3.4 million barrels, tumbling from the 437 million barrels recorded the week of March 14 to 433.6 million barrels the week of March 21.