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 preceding week, according to data from the American Petroleum Institute. Over the past eleven weeks, commercial crude stocks excluding the Strategic Petroleum Reserve (SPR) have declined by a total of 59.4 million barrels. However, total crude inventories for the year to date are down by only 8 million barrels, as ongoing SPR releases continue to offset part of the drawdown.
During the same week, a further 5.5 million barrels were withdrawn from the SPR, lowering its holdings to 325.7 million barrels and leaving inventories 399 million barrels below maximum capacity. US crude production edged higher to 13.819 million barrels per day in the week ending June 19, compared with 13.806 million barrels per day in the previous week. Meanwhile, inventories at Cushing, Oklahoma rose by 503,000 barrels, partially reversing a 982,000‑barrel decline recorded the week before.
