Crude oil supplies across the U.S. and including at the Cushing Hub in northern Oklahoma increased as of the most recent reporting period. But gasoline supplies saw a decline.
A new report from the U.S. Energy Information Administration showed total oil stocks in the U.S. jumped by 2.4 million barrels. The gain went from 418.3 million barrels reported the week of August 22 to 420.7 million barrels by August 29.
A year ago, the nation’s crude oil supplies totaled 418.3 million barrels.
The amount of crude in storage at Oklahoma’s Cushing Hub grew by 1.6 million barrels as of the most recent reporting period. On August 22, Cushing held 22.6 million barrels but by August 29, the total had increased to 24.2 million barrels.
The EIA also reported a decline in gasoline stocks. The supply fell from 218.5 million barrels as of August 22 to 218.5 million barrels the week of August 29.