US Crude Inventories Drop 3.8 Million Barrels as Strategic Reserve Hits Lowest Since 1983
The U.S. Energy Information Administration reported Wednesday that American crude inventories fell by 3.775 million barrels in the week ended June 26, dropping to their lowest level since September 2018. The decline came despite a commercial draw that was significantly smaller than analysts' forecast, while the Strategic Petroleum Reserve, the federal backup supply for emergency fuel needs, pulled 5.5 million barrels to reach 325.7 million barrels.
The SPR withdrawal pushed its holdings to the lowest level since May 1983, according to the weekly Petroleum Status Report. Total petroleum inventories, which include crude oil, the SPR, and refined products, fell by 6.286 million barrels. While crude and gasoline stocks drew sharply, distillate inventories, which include diesel fuel and heating oil, rose by 2.483 million barrels, and Cushing, Oklahoma—the key storage hub for West Texas Intermediate contracts—accumulated 709,000 barrels.
From the sources (25 posts)
@staunovoUS SPR crude inventories fell by ~5.5mb w/w to a multi year low of 325.7mb last week #oott Sour down ~2.7mb to 205.5mb Sweet down ~2.9mb to 120.9mb
@financialjuice🔴 Stocks of crude oil in US SPR fall by about 5.5 mln to 325.7 mln barrels last week, lowest since 1983
@hfi_researchFinal crude estimate for June 26 week. Total crude draw of 13.82 million bbls. Commercial crude draw of 8.32 million bbls as SPR release slows down to 5.5 million bbls. This pace is expected over the coming weeks as SPR release is almost
@tomklozaSmaller withdrawals of crude from the Strategic Petroleum Reserve last week. Now holds 225.7-million barrels thanks to a 2.9-million barrel draw in sweet inventory and a 2.7-million barrel decline in sour crude.
@gasbuddyguyU.S. SPR releases drastically slow after oil prices plummet, but still reach a new multi-decade low (since May 1983)
@oilheadlinenewsUS SPR crude inventories fell by ~5.5mb w/w to a multi year low of 325.7mb last week @staunovo
@firstsquawkU.S. SPR CRUDE OIL STOCKPILES PLUNGE 5.5 MLN BARRELS TO 325.7 MLN BARRELS, LOWEST LEVEL SINCE 1983
@zerohedgeRT @staunovo: US SPR crude inventories fell by ~5.5mb w/w to a multi year low of 325.7mb last week #oott Sour down ~2.7mb to 205.5mb…
@macroedgeresUS SPR crude inventories fell by ~5.5mb w/w #MacroEdge
@hfi_researchCrude draws will slow in July, but the pace is still on track.
@unusual_whalesBREAKING: The Strategic Petroleum Reserve is at its lowest level since 1983
@staunovoRT @HFI_Research: Final crude estimate for June 26 week. Total crude draw of 13.82 million bbls. Commercial crude draw of 8.32 million bbl…
@staunovoRT @GasBuddyGuy: U.S. SPR releases drastically slow after oil prices plummet, but still reach a new multi-decade low (since May 1983)
@staunovoRT @HFI_Research: Crude draws will slow in July, but the pace is still on track.
@firstsquawkU.S CRUDE OIL INVENTORIES ACTUAL: -3775K VS -6088K PREVIOUS; EST -2902.80K
@staunovoUS petroleum inventories (crude, SPR, refined products) fell by 6.286mb w/w to 1,527.225mb last week - EIA #oott
@financialjuiceEIA DISTILLATE INVENTORIES ACTUAL 2.483M (FORECAST 1M, PREVIOUS 3.064M) $MACRO
@financialjuice🔴 EIA CRUDE OIL INVENTORIES ACTUAL -3.775M (FORECAST -2.262M, PREVIOUS -6.088M) $MACRO
@financialjuiceEIA GASOLINE INVENTORIES ACTUAL -2.333M (FORECAST -0.861M, PREVIOUS 2.064M) $MACRO
@firstsquawkU.S GASOLINE INVENTORY ACTUAL: -2333K VS 2064K PREVIOUS; EST -559.60K
@financialjuiceEIA CRUDE CUSHING INVENTORIES ACTUAL 0.709M (FORECAST -, PREVIOUS -1.077M) $MACRO
@firstsquawkU.S DISTILLATES INVENTORY ACTUAL: 2483K VS 3064K PREVIOUS; EST 10.20K
@staunovoUS crude inventories fell by 9.311mb last week (commercial -3.775mb, SPR -5.536mb) EIA #oott
@gasbuddyguyEIA, week ending 6/26 Crude oil: -3.8M Domestic prod: 13.810MMbpd Cushing: +0.7M Gasoline: -2.3M Mogas supplied: 9.131MMbpd Distillates: +2.5M Refiner utilz: 96.6% Ref inputs: 17.408MMbpd Total exports: 11.262MMbpd #oil #eia #gas
@zerohedgeCrude -3.775MM, Exp. -2.262MM Gasoline -2.333MM Distillates +2.483MM Cushing +709 Production -9kbpd