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FinanceUS crude inventories fall 1.7 mln barrels, topping API estimate
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The U.S. Energy Information Administration reported a 1.7 million barrel decline in crude oil inventories for the week ending July 10, bringing commercial stockpiles to 409.7 million barrels, 6% below the five-year seasonal average. The draw exceeded the American Petroleum Institute's estimate of 564,000 barrels. Despite escalating US-Iran tensions, oil prices eased slightly on Wednesday, with Brent crude at $84.08 per barrel (down 0.77%) and WTI at $79.13 (down 0.26%). Gasoline inventories fell by 1.5 million barrels, while distillate stocks rose by 4.6 million barrels but remain 11% below the five-year average. Total U.S. petroleum demand averaged 20.3 million barrels per day over the past four weeks, up 0.3% year-over-year, with gasoline demand at 8.9 million barrels per day and distillate demand down 2.1%.
Source report
Fiona Craig Sat, July 18, 2026 at 8:07 AM PDT 2 min read
- CL=F +2.36%
Crude oil inventories in the United States fell by 1.7 million barrels during the week ending July 10, according to the latest figures from the U.S. Energy Information Administration (EIA). Commercial crude stockpiles now stand at 409.7 million barrels, leaving inventories 6% below the five-year seasonal average despite ongoing uncertainty in global energy markets.
The latest government data followed the American Petroleum Institute's (API) report released a day earlier, which estimated a more modest crude inventory draw of 564,000 barrels over the same reporting period.
Oil Prices Ease Despite Escalating US-Iran Tensions
Oil prices moved lower in Wednesday morning trading even as geopolitical tensions between the United States and Iran intensified. At 10:45 a.m. in New York:
- Brent crude was trading at $84.08 per barrel, down $0.65 (0.77%) on the day, although it remained approximately $7 per barrel higher than the same time a week earlier.
- West Texas Intermediate (WTI) edged lower, slipping $0.21 (0.26%) to $79.13 per barrel.
Gasoline Stocks Shrink While Distillate Inventories Rise
The EIA reported that U.S. gasoline inventories declined by 1.5 million barrels, following the previous week's draw of 1.9 million barrels. Average gasoline production also eased, falling to 9.6 million barrels per day.
Meanwhile, middle distillate inventories increased by 4.6 million barrels, with daily production averaging 5.3 million barrels. Even after the latest build, distillate inventories remain 11% below the five-year average for this time of year.
US Fuel Demand Holds Steady
The report showed that total products supplied — a commonly used indicator of U.S. petroleum demand — averaged 20.3 million barrels per day over the past four weeks, representing a 0.3% increase compared with the same period last year.
Over the same four-week period:
- Gasoline supplied averaged 8.9 million barrels per day.
- Distillate demand averaged 3.7 million barrels per day, down 2.1% from a year earlier.
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Yahoo FinanceWestern
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