The nation saw a decline in the amount of crude oil in storage in the past week.
The U.S. Energy Information Administration reported Wednesday the U.S total fell 3.8 million barrels, from 426 million barrels total as of July 4 to 422.2 million barrels the week of July 11. The nation’s total also plunged 13.9 million barrels from the 436.1 million barrels reported in storage as of the end of May. But the decline was even greater, 18 million barrels, from a year ago when the total crude oil in storage in the U.S. was 440.2 million barrels.
Cushing’s total increased by 200,000 barrels in the most recent reporting period from the EIA. It reached 21.4 million barrels as of July 11, climbing from the 21.2 million barrels reported the week of July 4. However, Cushing’s total was down 2.7 million barrels since May 30 when it held 24.1 million barrels.
The Cushing total was also down 11.3 million barrels from a year ago when it held 32.7 million barrels.