US Crude Oil, Gasoline Inventories Keep Sinking, but Prices Don’t Care
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- U.S. crude oil inventories fell sharply by 9.119 million barrels in the week ending June 5, exceeding analyst expectations of a 3.4 million barrel draw, with a total decline of 44 million barrels over the past eight weeks according to API data.
- Despite recent draws, U.S. crude inventories remain nearly 7 million barrels higher year-to-date, while the Strategic Petroleum Reserve (SPR) dropped by 7.9 million barrels to 349.2 million barrels, its lowest since August 2023.
- U.S. oil production slightly decreased to 13.707 million barrels per day for the week ending May 29, remaining up 299,000 bpd from a year earlier.
- Brent crude prices fell over 3% to $91.39 and WTI dropped 3.48% to $88.12 amid concerns about OECD oil stockpiles reaching multi-decade lows below 2.3 billion barrels.
- Gasoline inventories decreased by 1.191 million barrels, while distillate inventories rose by 1.3 million barrels but remain below five-year averages, and Cushing crude stocks fell by 1.125 million barrels in the latest reporting period.