Surprise surprise—a jump in crude stocks at Cushing and the US

Not only did a surprise increase in US crude stocks send crude oil prices tumbling on Wednesday, it was more of a surge in stocks.

The U.S. Energy Information Admininstration reported stocks rose by more than 7 million barrels while the Cushing oil hub also saw a gain.

Nationally, crude stocks soared from 453.6 million barrels as of April 19 to 460.9 million barrels as of April 26, according to the EIA. Back on March 15, the US crude oil supply stood at 445 million barrels and a year ago, it was 459.6 million barrels.

Cushing’s crude stocks rose more than 1 million barrels, from 32.4 million barrels as of April 19 to 33.5 million barrels on April 26. The amount held at the Northern Oklahoma hub on March 15 was 32.4 million barrels.

A year ago, Cushing held 33.6 million barrels.

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