FX.co ★ US Crude Inventories Drop for 7th Week

US crude oil inventories declined by 7.228 million barrels in the week ending June 5, 2026, marking a seventh consecutive weekly draw and exceeding market expectations for a 4 million barrel decrease. Stocks at the Cushing, Oklahoma delivery hub also fell, down 801,000 barrels, extending their own seven-week slide. Refinery activity strengthened, with crude runs increasing by 81,000 barrels per day. In contrast, gasoline inventories rose by 186,000 barrels, defying forecasts for a 0.5 million barrel decline, while distillate stocks, including diesel and heating oil, climbed by 200,000 barrels, against expectations for a 0.5 million barrel draw. Net US crude imports increased by 525,000 barrels per day over the week.