Surprise increase in US crude stocks while Cushing Hub reported drop

Another unexpected buildup in the nation’s crude stocks was reported this week by the U.S. Energy Information Administration.

At the same time, the amount of crude oil stored at Oklahoma’s massive Cushing Hub declined.

The EIA reported a 3.2 million barrels increase across the U.S. as stocks rose from 448.2 million barrels on March 22 to 451.4 million barrels as of March 29. A year ago, the nation’s crude oil supply stood at 470 million barrels.

Cushing’s crude oil stocks dropped from 33.5 million barrels on March 22 to 33.2 million barrels as of March 29. The Hub held only 29.5 million barrels in mid-February and maintained 34.2 million barrels one year ago.

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