The nation’s crude oil supplies fell by more than 3 million barrels in the past week, according to the U.S. Energy Information Administration. At the same time, the Cushing Hub saw a gain in crude oil stocks.
The U.S. stocks declined 3.2 million barrels, falling from 422.2 million barrels the week of July 11 to 419 million barrels recorded as of July 18. The decline was even greater since July 4 when the nation’s crude oil supplies totaled 426 million barrels.
The nation’s crude stocks are down 17.5 million barrels from a year ago when they totaled 436.5 million barrels.
Cushing added 500,000 barrels as of the week of July 18 when it held 21.9 million barrels. The total in storage the previous week was 21.4 million barrels. The current total is also 700,000 barrels higher than July 4. However, the Cushing Hub’s amount of crude oil is 9.1 million barrels lower than a year ago when it totaled 31 million barrels.
