Traders were caught by surprise Wednesday when the government reported a drop in the nation’s crude oil supplies. But the Cushing Hub in Oklahoma recorded a slight gain.
A decline of 600,000 barrels was reported by the U.S. Energy Information Administration as the nation’s supplies fell form 415.4 million barrels the weekend of September 12 to 414.8 million barrels by September 19. But the drop was even greater when compared to the 426.7 million barrels in storage the weekend of August 8, a decline of 11.9 million barrels.
The EIA also reported the Cushing Hub in northern Oklahoma saw a gain of 100,000 barrels, moving from 23.6 million barrels on September 12 to 23.7 million barrels the week of September 19.
The Oklahoma Hub has been mostly consistent in its crude oil storage totals, holding around 23 to nearly 24 million barrels. On August 8, Cushing’s total volume in crude oil ws 23.1 million barrels.
