The nation’s crude oil supplies grew in the most recent reporting period, according to the U.S. Energy Information Administration. At the same time, supplies held at the Cushing Hub in northern Oklahoma fell in the past week.
U.S. supplies grew from 441.8 million barrels the week of May 9 to 443.2 million barrels as of the week of May 16, reported the EIA. The increase was a total of 1.4 million barrels. However, the U.S. supply of crude oil is still 4.8 million barrels less than the first of the month. The nation’s supply is also 15.6 million below the 458.8 million barrels held as of the week of May 17, 2024.
Cushing’s crude oil supplies dropped 500,000 barrels, from 23.9 million recorded on May 9 to 23.4 million barrels as of the week of May 16. Cushing’s total is 1.6 million barrels less than May 2 when it held 25 million barrels. Its total is also 12.9 million below the 36.3 million barrels recorded a year ago.