The nation’s crude oil supplies took a big tumble of more than 11 million barrels in the most recent reporting period issued by the federal government. Oklahoma’s Cushing Hub was among those areas where there was a drop in the amount of crude oil in storage.
The U.S. Energy Information Administration reported the Cushing Hub’s supply dropped by 1 million barrels from the week of June 6 to June 13. It was a fall from 23.7 million barrels the week of June 6b to 22.7 million barrels by the week of June 13. The decline was even greater since May 30 when Cushing held 24.1 million barrels of crude oil.
The U.S. total fell 11.5 million barrels, from 432.4 million barrels in storage the week of June 6 to 420.9 million barrels as of the week of June 13. The decline since the end of May totaled 15.2 million barrels. On May 30, the U.S. total in storage had been 436.1 million barrels.