Key facts
- US crude oil inventories fell 1.7 million barrels in the week ending July 10.
- Stockpiles are now 6% below the five-year average.
- Gasoline inventories decreased by 1.5 million barrels.
- Distillate inventories increased by 4.6 million barrels.
- Brent and WTI crude prices saw daily declines but remain up significantly week-over-week.
- US oil demand averaged 20.3 million barrels per day over the last four weeks.
U.S. crude oil inventories decreased by 1.7 million barrels in the week ending July 10, bringing total stockpiles to 409.7 million barrels, which is 6% below the five-year average for this time of year. This draw follows a smaller reported draw from the American Petroleum Institute (API) a day earlier.
Despite escalating tensions between the United States and Iran, both Brent and WTI crude futures saw slight declines on Wednesday morning. However, Brent crude is still up approximately $7 per barrel compared to the previous week.
Gasoline inventories fell by 1.5 million barrels, while middle distillate inventories increased by 4.6 million barrels. Distillate stocks are now 11% below the five-year average. Total products supplied, a proxy for U.S. oil demand, averaged 20.3 million barrels per day over the last four weeks, a slight increase year-over-year.