U.S. crude oil stocks in storage increased in the most recent reporting period and the gain was also recorded at the Cushing Hub in northern Oklahoma.
The U.S. Energy Information Administration reported the nation’s total crude oil in storage increased by 2.5 million barrels at the end of the week on April 4 of this year when it was 442.3 million barrels. A week earlier, the national total was 439.8 million barrels.
The U.S. storage swelled 12.1 million barrels since the week of Feb. 21 when the total was 430.2 million barrels.
Cushing’s total amount of crude oil in storage was 25.8 million barrels as of the April 4 week, up 700,000 barrels from March 28 when it was 25.1 million barrels.
Cushing’s total was 24.6 million barrels the week of Feb. 21.