US Crude Oil Inventories Rise After 10 Weeks of Declines

US crude oil inventories increased by 2.998 million barrels to 411.3 million barrels in the week ended July 3, marking the first rise after ten consecutive weeks of declines and compared with market expectations for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub decreased by 52 thousand barrels. Refinery crude runs fell by 172,000 barrels per day. Gasoline inventories declined by 1.904 million barrels to 212.1 million barrels, exceeding expectations for a 1.6 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, fell by 4.98 million barrels to 103.6 million barrels, compared with forecasts for a 0.6 million-barrel increase. Net US crude imports rose by 1.096 million barrels per day.

US crude oil inventories fell by 3.775 million barrels to 408.3 million barrels in the week ended June 26, less than market expectations for a 5.1 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 709 thousand barrels, the first increase after nine consecutive weeks of declines. Refinery crude runs rose by 85,000 barrels per day, while refinery utilization rates increased by 0.6 percentage points. Gasoline stocks fell by 2.333 million barrels to 214 million barrels, versus expectations for a 0.95 million-barrel draw. On the other hand, distillate stockpiles, which include diesel and heating oil, rose by 2.483 million barrels to 108.6 million barrels, compared with forecasts for a 0.7 million-barrel drop. Net US crude imports rose by 370,000 bpd.

US crude oil inventories fell by 6.088 million barrels to 412.1 million barrels in the week ended June 19, the lowest since January 2025, and more than market expectations for a 4.5 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.077 million barrels to about 19 million barrels, the lowest since October 2014. Total crude stocks, including those in the Strategic Petroleum Reserve, fell more than 15 million barrels to 743.3 million barrels, the lowest since October 1984. Refinery crude runs fell by 81,000 barrels per day, while refinery utilization rates fell by 0.6 percentage points to 96.1%. On the other hand, gasoline stocks rose by 2.064 million barrels to 216.3 million barrels, versus expectations for a 0.6 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 3.064 million barrels to 106.1 million barrels, compared with forecasts for a 0.5 million-barrel drop. Net US crude imports rose by 94,000 bpd.