The Cushing Hub in Oklahoma is making a slow rebound on rebuilding its crude oil stocks, according to the most recent oil inventory released by the U.S. Energy Information Administration.
As of the week ending September 25, the EIA showed the massive oil hub contained 24,301,000 million barrels of crude oil, an increase of 553,000 barrels from the September 18th report.
Cushing has seen a gain of nearly 1.8 million barrels from a month ago when its inventory was listed at 22,508 million barrels of crude oil.
The most recent gain of Cushing’s inventory closely aligns with the national pattern. The EIA reported that crude oil inventories in the U.S. increased nearly 900,000 barrels during the week ending September 25. The increase brought commercial stockpiles to 427.3 million barrels. The government data shows the inventory is 2% more than the five-year average for this time of year.
While oil inventories grew, gasoline inventories fell by 1.7 million barrels after losing the same amount in the prior week. The nation’s average daily gasoline production averaged 9.5 million barrels.
