Key facts
- US crude oil inventories fell by 6.1 million barrels in the week ending June 19.
- Commercial crude stockpiles are now 7% below the five-year average.
- Strategic Petroleum Reserve inventories are at a four-decade low.
- US crude oil production rose to 13.819 million barrels per day.
- Gasoline inventories decreased by 2.106 million barrels, while distillate inventories increased by 2.9 million barrels.
- Crude oil prices declined as flows through the Strait of Hormuz partially resumed.
Crude oil inventories in the United States decreased by 6.1 million barrels in the week ending June 19, according to data from the U.S. Energy Information Administration (EIA). This significant draw brings commercial stockpiles to 412.1 million barrels, which is 7% below the five-year average for this time of year. The EIA's figures followed a preliminary estimate from the American Petroleum Institute (API) that reported a draw of 765,000 barrels for the same period.
US crude oil production increased to 13.819 million barrels per day for the week ending June 19, up from 13.806 million barrels per day in the prior week. Gasoline inventories fell by 2.106 million barrels, while distillate inventories rose by 2.9 million barrels. Despite these changes, distillate inventories remain 10% below the five-year average.
Crude oil prices declined on Wednesday morning. Brent futures were trading at $73.40 per barrel, down 4.83% on the day, and West Texas Intermediate (WTI) was down 4.62% at $70.27 per barrel. The decrease in prices occurred as flows through the Strait of Hormuz, a critical global oil chokepoint, have partially resumed.