The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.072 million barrels in the week ending June 26. In the week prior, US crude oil inventories fell by 765,000 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 million barrels so far this year.
For the week ending June 26, another 5.5 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.
US production rose to 13.819 million bpd for the week ending June 19, up from 13.806 million bpd in the week prior.
At 4:36 pm ET on Tuesday, Brent crude was trading down on the day at $73.40, while WTI was also trading down at $70.06:
