US Crude Inventories Fall 399,000 Barrels as SPR Drops 6.2 Million to 40-Year Low
Updated
Updated · OilPrice.com · Jul 7
US Crude Inventories Fall 399,000 Barrels as SPR Drops 6.2 Million to 40-Year Low
3 articles · Updated · OilPrice.com · Jul 7
Summary
API estimated US crude stockpiles fell by 399,000 barrels in the week ended July 3, while gasoline inventories dropped 2.929 million barrels and distillates fell 1.801 million.
The modest crude draw came after a 6.072 million-barrel drop a week earlier, even as commercial inventories excluding the SPR have shed nearly 60 million barrels over the past 12 weeks.
SPR holdings fell another 6.2 million barrels to 325.7 million—the lowest in more than four decades and 405 million barrels below maximum capacity.
US oil production slipped to 13.810 million bpd in the latest EIA data from 13.819 million bpd the prior week, while Cushing inventories edged down 69,000 barrels.
Brent rose 5.67% to $76.07 and WTI gained 5.37% to $72.23 after tanker attacks in the Strait of Hormuz, adding market pressure to already tight fuel inventories.