Crude oil stocks rebounded in the past week, both across the U.S. and at Oklahoma’s Cushing Hub.
The U.S. saw a gain of 3 million barrels from the 423.7 million barrels recorded as of August 1 to 426.7 million barrels as of August 8, reported the U.S. Energy Information Administration.
The nation’s crude oil stocks gained 7.7 million barrels since June 27 when it totaled 419 million barrels.
Cushing’s Hub grew 100,000 barrels from the previous week, reaching 23.1 million barrels as of August 8. It had been 23 million barrels as of the week of August 1. Its stocks grew by 2.4 million barrels since June 27 when they totaled 20.7 million barrels.
With the end of the summer driving season approaching and schools are back in session in many states, the demand for gasoline would seemingly decline and there would be an increase in gasoline stocks. But in fact, there was a decline of gasoline stocks from 227.1 million reported by the EIA as of August 1 to 226.3 million barrels as of the week of August 8.