US Crude Oil Inventories Down Again, Losing 52 Million Barrels in 9 Weeks
US Crude Oil Inventories Down Again, Losing 52 Million Barrels in 9 Weeks What I Cover Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and… The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.33 million barrels in the week ending June 12.
In the week prior, US crude oil inventories fell by a rather large 9.119 million barrels.
Although inventories have been falling rapidly for the last 2+ months, shedding 52 million barrels over the last nine weeks, US crude inventories are only down 1.4 million barrels so far this year, according to API data.
Inventories in the US Strategic Petroleum Reserve (SPR) are also falling quickly as the Trump Administration looks to alleviate pricing pressure.
For the week ending June 12, another 8.9 million barrels left the SPR, bringing the new total to340.3 million barrels—lower than the 2023 low reached during the Biden Administration’s huge drawdown and the lowest level since 1983.
SPR inventories are now 385 million barrels shy of maximum capacity.
US production rose to13.799 million bpdfor the week ending June 5, up from 13.707 million bpd in the week prior, according to the latest EIA data, and up 371,000 bpd from a year earlier.
At 2:51 pm ET on Tuesday, before data release,Brent crudewas trading sharply down on the day at$79.18(-4.80%), which is a $12 per barrel drop from this time last week as the US and Iran signed a preliminary deal that would end the Iran war and reopen the Strait of Hormuz.
WTIwas also trading down on the day, by $4.50 per barrel (-5.57%) at$76.25, which is a roughly $12 dropoff from last Tuesday.
Gasoline inventories rose this week by 2.479 million barrels in the week ending June 12.
In the week prior, gasoline inventories decreased by 1.191 million barrels.
In the week prior, gasoline inventories were already 6% below the five-year average for this time of year, according to the latestEIA data.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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