US crude oil inventories fell by 765,000 barrels in the week ending June 19, following a steep 8.33 million-barrel draw the previous week. According to data from the American Petroleum Institute, commercial crude stocks excluding the Strategic Petroleum Reserve (SPR) have declined by 53 million barrels over the past ten weeks. However, total US crude inventories are down just 2.1 million barrels year-to-date, as ongoing transfers from the SPR have offset deeper commercial drawdowns.
Commercial inventories have been underpinned by a consistent release of SPR barrels into the market, driving SPR holdings to their lowest level in more than four decades. In the latest week, a further 9.1 million barrels were withdrawn from the SPR, reducing total reserves to 331.2 million barrels—394 million barrels below maximum capacity.
At the same time, US crude production edged higher, reaching 13.806 million barrels per day in the week ending June 12, up slightly from 13.799 million barrels per day the previous week.
