The country’s supply of crude oil grew by 600,000 barrels in the most recent reporting period according to the government, but storage at the Cushing hub in Oklahoma took a drop of about the same amount.
The U.S. Energy Information Administration reported U.S. crude stocks went from 442.3 million barrels the week of April 4 to 442.9 million barrels during the April 11 week. A year ago, the total in storage was 460.0 million barrels.
Meanwhile,there was a decline of 700,000 barrels at the Cushing hub in northern Oklahoma. The total in storage went from 25.8 million barrels the week of April 4 to 25.1 million barrels the week of April 11. The total is far below the 33 million barrels held in storage one year ago.