US Oil Stockpiles Fall for Another Week

US crude oil inventories fell by 399,000 barrels in the week ending July 3, following a 6.072 million-barrel draw the previous week. Commercial crude inventories, excluding the SPR, have declined by nearly 60 million barrels over the past 12 weeks but remain only 8.6 million barrels lower year-to-date. The SPR fell by another 6.2 million barrels to 325.7 million, leaving inventories about 405 million barrels below maximum capacity. Cushing inventories declined by 69,000 barrels after rising 503,000 barrels the week before. Gasoline and distillate inventories fell by 2.929 million and 1.801 million barrels, respectively. Meanwhile, US oil production edged down to 13.810 million bpd from 13.819 million bpd.

US crude oil inventories fell by 6.072 million barrels in the week ending June 26, following a draw of 765,000 barrels in the previous week, according to data from the American Petroleum Institute. Commercial crude stockpiles excluding the Strategic Petroleum Reserve (SPR) have now declined by 59.4 million barrels over the past eleven weeks, although total crude inventories are down by only 8 million barrels so far this year as releases from the SPR continue to offset part of the drawdown. Another 5.5 million barrels were withdrawn from the SPR during the week, reducing its holdings to 325.7 million barrels, leaving inventories 399 million barrels below maximum capacity. Meanwhile, US crude production rose to 13.819 million barrels per day in the week ending June 19, up from 13.806 million barrels per day in the prior week. At the same time, inventories at Cushing, Oklahoma increased by 503,000 barrels after falling 982,000 barrels in the previous week.

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 In the latest week, another 9.1 million barrels were withdrawn from the SPR, bringing total reserves to 331.2 million barrels, or 394 million barrels below maximum capacity.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.