While U.S. crude stocks grew in the past week, there was a surprising drop in the amount of crude oil held in storage at Oklahoma’s Cushing Hub.
The Hub declined by 1.2 million barrels from 25.7 million barrels the week of Feb. 28 to 24.5 million in the most recent week of March 7, reported the U.S. Energy Information Administration.
The Hub had seen a buildup of crude oil since early February when it held 21.8 million barrels.
Nationally, there was a gain of 1.4 mllion barrels of oil, from 433.8 million the week of Feb. 28 to 435.2 million as of the week of March 7, 2025. The nation’s total in crude oil stocks is still below the 447 million barrels held in storage in early March of 2024.