Key facts
- US crude oil inventories decreased by 564,000 barrels in the week ending July 10.
- Gasoline inventories fell by 1.664 million barrels during the same period.
- Distillate inventories saw an increase of 2.3 million barrels.
- US crude oil production rose to 13.860 million barrels per day.
- Strategic Petroleum Reserve (SPR) inventories decreased by 2.99 million barrels.
US crude oil inventories experienced a decline of 564,000 barrels in the week ending July 10, according to estimates from the American Petroleum Institute (API). This follows a decrease of 399,000 barrels in the previous week. Despite significant draws from the Strategic Petroleum Reserve (SPR) over the past year, total US crude inventories are only down 9.2 million barrels year-to-date. The SPR saw another draw of 2.99 million barrels, bringing its total to 316.5 million barrels, the lowest level in over 43 years and significantly below maximum capacity.
US oil production has increased, reaching 13.860 million barrels per day in the week ending July 3, an increase from the prior week and a notable rise from the previous year. Gasoline inventories also fell by 1.664 million barrels, continuing a trend that has placed them below the five-year average. Conversely, distillate inventories rose by 2.3 million barrels, though they remain below the five-year average. Inventories at Cushing, the delivery hub for WTI futures, increased by 238,000 barrels.
Amid escalating tensions between the US and Iran, Brent crude traded up 2.24% to $85.17 per barrel, while WTI crude rose 1.92% to $79.64 per barrel.