Both the U.S. and the Cushing Hub in Oklahoma continued with declines in crude oil storage totals.
The Cushing Hub fell 500,000 barrels as of the last reporting period that ended June 20 when its total dropped to 22.2 million barrels. It previously had been 22.7 million barrels as of June 13 and at 23.7 million barrels the week of June 6. Cushing’s total is still 11.7 million barrels fewer than a year ago when it amounted to 33.9 million barrels, according to the U.S. Energy Information Administration.
The U.S. total dropped 5.8 million barrels to 415.1 million barrels as of the week ending June 20 of this year. The previous week, that of June 13, the nation’s total crude oil in storage was 420.9 million barrels.
The national storage has slipped more than 7 million barrels since June 6 when it totaled 432.4 million barrels. But the decline is even greater compared to a year ago on June 21, 2024 when the total U.S. storage was 460.7 million barrels. As of the most recent reporting period, that’s a drop of 45.6 million barrels.
