The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 399,000 barrels in the week ending July 3. In the week prior, US crude oil inventories fell by 6.072 million barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for more than two months, US crude inventories are only down 8.6 million barrels so far this year.
For the week ending July 3, another 6.2 million barrels left the SPR, bringing the new total to 325.7 million barrels—lower than the 2023 low reached during the Biden Administration’s huge drawdown and the lowest level in over four decades.
US production fell to 13.810 million bpd for the week ending June 26, down from 13.819 million bpd in the week prior.
At 3:34 pm ET on Tuesday, Brent crude was trading up on the day at $76.07 after a series of attacks on oil tankers in the Strait of Hormuz. WTI was also trading up on the day, by $3.68 per barrel at $72.23.
