The nation’s crude oil stocks fell 4.5 million barrels in the most recent reporting period while the amount held at the Cushing Hub in Oklahoma dropped nearly 1 million barrels.
The U.S. Energy Information Administration reported the nation’s crude stocks fell from 424.2 million barrels recorded on October 6 to 419.7 million barrels as of October 13. A year ago, the nation held 437.4 million barrels in commercial storage, so the decline in the past year totaled 17.7 million barrels.
The Cushing Hub’s total in storage fell 800,000 barrels to 21 million barrels as of last Friday, October 13, according to the EIA. Its decline has been continuous for the past year. Cushing held more than 26 million barrels in mid-October of 2022 and 27.4 million barrels on the first of September 2023.
