As crude oil prices dropped since OPEC+ decided over the weekend to continue with production cuts into 2025, crude oil stocks increased in a surprise move across the U.S., including the Cushing Hub in Oklahoma.
Nationally, stocks increased by 1.2 million barrels, according to the U.S. Energy Information Administration. The total grew from 454.7 million barrels recorded on May 24 to 455.9 million barrels as of the end of May. The total also represented a gain of 2.3 million barrels since April 19, but still less than the 459.2 million barrels reported in early June of last year
Cushing’s total in stored crude rose 800,000 barrels, according to the EIA. The total of 35.4 million barrels recorded on May 31 was a gain from the 34.6 millon barrels reported by the EIA on May 24. It was also a gain of 3 million barrels since April 19.
Analysts admitted the rise in crude oil stockpiles was an unexpected surprise. At the same time, gasoline and distillate inventories also went up while refining increased but demand fell after the Memorial Day weekend when driving increased. Some observers reported that since Memorial Day, demand for gasoline has fallen.
According to Reuters, gasoline stocks rose by 2.1 million barrels in the week to 230.9 million barrels, the EIA said, slightly more than forecasts for a 2 million-barrel build.
