The amount of crude oil in storage across the U.S. inceased by nearly 4 million barrels at the end of June, according to the latest crude report from the U.S. Energy Information Administration. Oklahoma saw a decline in its oil held in storage at the Cushing Hub.
The U.S. total went from 415.1 million barrels recorded by the week of June 20 to 419 million barrels the week of June 27, a gain of 3.9 million barrels. But the national total is more than 24 million barrels below the 443.2 million barrels recorded at the e nd of the week of May 16.
Cushing’s crude oil in storage fell 1.5 million barrels, from 22.2 million barrels by June 20 to 20.7 million barrels a week later. Since mid-May, the Cushing total declined by 2.7 million barrels, from 23.4 million on May 16 to 20.7 million in the past week.