US Crude Stocks Extend Decline

US crude oil inventories fell by 765,000 barrels in the week ending June 19, following a sharp 8.33 million-barrel decline in the previous week. According to American Petroleum Institute data, commercial crude inventories excluding the SPR have dropped by 53 million barrels over the past ten weeks. Still, total US crude inventories are down by only 2.1 million barrels so far this year, as ongoing transfers from the SPR have helped offset steeper commercial draws. Commercial stockpiles have been supported by a steady release of barrels from the SPR into the market, pushing reserve holdings to their lowest level in more than four decades. In the latest week, another 9.1 million barrels were withdrawn from the SPR, bringing total reserves to 331.2 million barrels, or 394 million barrels below maximum capacity. Meanwhile, US crude production rose to 13.806 million barrels per day in the week ending June 12, up slightly from 13.799 million barrels per day in the prior week.

US crude oil inventories fell by 8.33 million barrels in the week ended June 12, exceeding expectations for a 4.5 million-barrel draw. This followed a 9.12 million-barrel decline in the previous week. Despite inventories falling by about 52 million barrels over the past nine weeks, US crude stockpiles are down just 1.4 million barrels since the start of the year. Inventories in the SPR also continued to decline, dropping by 8.9 million barrels to 340.3 million, leaving stocks 385 million barrels below maximum capacity. Meanwhile, inventories at the Cushing hub fell by 1.52 million barrels after declining by 1.13 million barrels the previous week. US crude production rose to 13.80 million barrels per day in the week ended June 5, up from 13.71 million bpd a week earlier. Gasoline inventories rose by 2.48 million barrels, reversing the prior week's 1.19 million-barrel decline, while distillate stockpiles fell by 461,000 barrels after rising by 1.3 million barrels in the previous week.

US crude oil inventories fell by 9.1 million barrels in the week ended June 5, far exceeding forecasts for a 3.4 million-barrel draw, after declining by 6.7 million barrels in the previous week. Despite a cumulative decline of roughly 44 million barrels over the past eight weeks, crude inventories remain nearly 7 million barrels above year-end levels. The Strategic Petroleum Reserve also continued to shrink, with another 7.9 million barrels withdrawn during the week. Inventories at Cushing, Oklahoma, fell by 1.125 million barrels, following a 279,000-barrel decline a week earlier. US crude production eased to 13.707 million barrels per day from 13.715 million. Gasoline inventories declined by 1.191 million barrels after a 3.45 million-barrel increase in the prior week, while distillate stocks rose by 1.3 million barrels after falling 214,000 barrels previously.