U.S. crude oil inventories drop for sixth straight week, SPR continues drawdown
U.S. crude oil inventories fell for the sixth consecutive week, with the EIA reporting an 8 million barrel decline for the week ending May 29, 2026, bringing commercial stocks to 433.7 million barrels—3% below the five-year average. The API also reported a 6.75 million barrel draw. The Strategic Petroleum Reserve continued releasing oil, dropping to 365.1 million barrels. Rising exports and near-full refinery utilization drove the tightening supply, though year-to-date inventories remain elevated.
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EIA Reports Surprise Crude Oil Inventory Build Amid Iran Tensions
The U.S. Energy Information Administration (EIA) reported a surprise increase of 3.0 million barrels in crude oil inventories for the week ending July 3, bringing commercial stockpiles to 411.4 million barrels, which are 6% below the five-year average. This contrasts with the American Petroleum Institute's (API) estimate of a 399,000-barrel draw. Despite the inventory build, crude oil futures surged in early trading following U.S. President Donald Trump's announcement that the ceasefire with Iran was over after Iranian attacks on tankers in the Strait of Hormuz. Brent crude rose 4.33% to $77.37 per barrel, while WTI gained 4.22% to $73.41. The EIA also reported decreases in gasoline inventories (down 1.9 million barrels) and distillate inventories (down 5.0 million barrels), with distillate stocks now 12% below the five-year average. Total U.S. oil demand averaged 20.6 million barrels per day over the last four weeks, up 0.3% year-over-year.
OilPrice.com Daily News UpdateUS Crude Inventories Drop Sharply as Hormuz Flows Start Resuming, SPR Hits Record Low
The API reported a 6.072 million barrel drop in US crude inventories for the week ending June 26, accelerating from a 765,000 barrel decline the prior week. Commercial crude stocks have fallen 59.4 million barrels over eleven weeks, but year-to-date declines are limited to 8 million barrels due to Strategic Petroleum Reserve (SPR) draws. The SPR lost another 5.5 million barrels, reaching 325.7 million barrels—the lowest level in over four decades and 399 million barrels below maximum capacity. US oil production edged up to 13.819 million bpd, up 384,000 bpd year-over-year. Gasoline inventories fell 2.106 million barrels, while distillates rose 2.9 million barrels. Cushing stockpiles increased by 503,000 barrels. At the same time, Brent crude fell 0.69% to $73.40 and WTI dropped 0.98% to $70.06 as flows through the Strait of Hormuz partially resumed after earlier disruptions.
OilPrice.com Daily News UpdateUS crude inventories continue to fall as SPR drawdown hits four-decade low
The American Petroleum Institute (API) reported a 765,000-barrel decline in US crude oil inventories for the week ending June 19, following an 8.33 million-barrel drop the prior week. While commercial inventories excluding the Strategic Petroleum Reserve (SPR) have fallen by 53 million barrels over the past ten weeks, total US crude inventories are only down 2.1 million barrels year-to-date due to ongoing transfers from the SPR. Another 9.1 million barrels were released from the SPR in the latest week, dropping total SPR holdings to 331.2 million barrels—the lowest level in over four decades and 394 million barrels below maximum capacity. US oil production edged up to 13.806 million barrels per day. Brent crude fell to $77.10 (-1.03%) as flows from the Strait of Hormuz resumed. Gasoline inventories rose by 1.238 million barrels and distillate stocks increased by 1.447 million barrels, while Cushing hub inventories declined by 982,000 barrels. The article highlights the strain on the SPR as it compensates for falling commercial stocks.
OilPrice.com Daily News UpdateUS Crude Oil and Gasoline Inventories Decline Further, EIA Reports
The U.S. Energy Information Administration (EIA) reported a significant draw in crude oil inventories for the week ending June 12, with commercial stockpiles falling by 8.3 million barrels to 418.2 million barrels, now 6% below the five-year average. Gasoline inventories also decreased by 900,000 barrels, while distillate inventories rose by 1 million barrels. The data, which aligns with the American Petroleum Institute's (API) preliminary figures, showed crude prices recovering slightly in mid-morning trading, with Brent crude at $80.12 per barrel and WTI at $77.21. Total products supplied, a proxy for U.S. oil demand, averaged 20.6 million barrels per day over the last four weeks, up 3.3% year-over-year, while gasoline demand averaged 8.9 million barrels per day. Distillate demand rose 5.5% compared to the same period last year.
OilPrice.com Daily News UpdateUS Crude Oil Inventories Fall Again, Losing 52 Million Barrels in Nine Weeks
The American Petroleum Institute (API) reported a 8.33 million barrel draw in US crude oil inventories for the week ending June 12, exceeding analyst expectations of a 4.5 million draw. Over the past nine weeks, inventories have shed 52 million barrels, though year-to-date they are only down 1.4 million barrels. The Strategic Petroleum Reserve (SPR) fell by another 8.9 million barrels to 340.3 million barrels, the lowest level since 1983. US crude production rose to 13.799 million barrels per day. Meanwhile, oil prices dropped sharply, with Brent crude falling 4.80% to $79.18 and WTI down 5.57% to $76.25, amid a preliminary US-Iran deal that could reopen the Strait of Hormuz. Gasoline inventories rose by 2.479 million barrels, while distillate inventories fell by 461,000 barrels. Cushing inventory also declined by 1.523 million barrels.
OilPrice.com Daily News UpdateU.S. Oil Inventories Continue Slide as Refiners Boost Runs
The U.S. Energy Information Administration (EIA) reported a 7.2 million barrel decrease in crude oil inventories for the week ending June 5, bringing commercial stockpiles to 426.5 million barrels. This level is now 5% below the five-year average for this time of year. The drawdown follows a larger 9.119 million barrel decline reported by the American Petroleum Institute (API) a day earlier. The data indicates continued tightening of U.S. oil supplies, driven by increased refinery runs. The report is a key indicator for oil market dynamics and potential price movements.
OilPrice.com Daily News UpdateU.S. Crude Oil Stockpiles Post Sixth Straight Weekly Drop
U.S. crude oil inventories fell for the sixth consecutive week, dropping by 8 million barrels to 433.7 million barrels in the week ended May 29, according to data from the U.S. Energy Information Administration (EIA). The decline exceeded analyst expectations of a 3.3 million barrel drop, as reported in a Wall Street Journal survey. The EIA noted that commercial crude stocks, excluding the Strategic Petroleum Reserve, are now about 3% below the five-year average for this time of year. The sustained drawdown was attributed to rising exports and refineries operating near full capacity. The data was released on Wednesday, June 3, 2026, and highlights ongoing tightness in the U.S. oil market.
Yahoo FinanceUS Crude Oil Inventories in Freefall: EIA
The U.S. Energy Information Administration (EIA) reported a significant decrease in U.S. crude oil inventories for the week ending May 29, 2026. Commercial stockpiles fell by 8.0 million barrels, bringing total inventories to 433.7 million barrels. This level is now 3% below the five-year average for this time of year. The EIA data follows a similar report from the American Petroleum Institute (API), which indicated a draw of 6.75 million barrels for the same period. The sharp decline in inventories suggests strong demand or reduced supply, and is a key indicator for oil market dynamics and potential price movements.
OilPrice.com Daily News UpdateUS Crude Oil Inventories Continue Downward Plunge But Gasoline Surprises
The American Petroleum Institute (API) reported that US crude oil inventories fell by 6.75 million barrels in the week ending May 29, significantly exceeding analyst expectations of a 3.6 million barrel draw. This follows a 2.8 million barrel decline in the prior week. Despite these recent sharp drops, US crude inventories have risen by 16 million barrels so far in 2026, according to API data. The article also notes that the US Strategic Petroleum Reserve (SPR) continues to draw down in an effort to alleviate pressure on oil prices. The report highlights a surprising trend in gasoline inventories, though specific gasoline data is not detailed in the provided excerpt. The data suggests ongoing tightness in crude supply but a broader context of year-to-date inventory builds.
OilPrice.com Daily News UpdateUS Crude Oil, Gasoline Inventories Continue Freefall
The U.S. Energy Information Administration (EIA) reported a 3.3 million barrel decrease in crude oil inventories for the week ending May 22, bringing commercial stockpiles to 441.7 million barrels. This level is now 2% below the five-year average for this time of year. The EIA data follows the American Petroleum Institute's (API) report from a day earlier, which indicated a draw of 2.8 million barrels. The continued decline in inventories suggests tightening supply conditions in the U.S. oil market, potentially supporting crude oil prices. The article, published on OilPrice.com on May 28, 2026, highlights the ongoing trend of inventory drawdowns amid broader energy market dynamics.
OilPrice.com Daily News UpdateUS Crude and Gasoline Inventories Continue to Decline
The American Petroleum Institute (API) reported that US crude oil inventories fell by 2.8 million barrels for the week ending May 22, following a larger decline of 9.1 million barrels the previous week. Despite these recent drops, US crude inventories have risen by 22 million barrels so far in 2026. The Strategic Petroleum Reserve (SPR) continued its drawdown, releasing 9.1 million barrels in the same week, reducing total SPR holdings to 365.1 million barrels. This SPR release is part of ongoing efforts to alleviate upward pressure on oil prices. The data suggests a tightening supply picture in the short term, though year-to-date inventories remain elevated.
OilPrice.com Daily News Update