US Commercial Crude Inventories Decline
The U.S. Energy Information Administration reported on Wednesday that commercial crude oil stockpiles fell by 7.2 million barrels in the week ended July 24, a drop far larger than the 1.3 million‑barrel decline analysts had forecast. This reduction brought inventories, excluding the Strategic Petroleum Reserve (SPR), down to 404.5 million barrels, the lowest level recorded since 2018.
Total Crude Stocks Including SPR
When the SPR is included, total U.S. crude stocks decreased by 11 million barrels, reaching 712.2 million barrels, which is the lowest aggregate level since 1984.
Cushing, Oklahoma Hub Levels
Inventories at the key Cushing, Oklahoma delivery hub fell by 771,000 barrels to 18.6 million barrels, marking the lowest balance since 2014 and slipping below the 20 million‑barrel operating threshold.
Refinery Activity and Utilisation
Refinery crude runs rose by 271,000 barrels per day during the same week, pushing refinery utilisation rates up by 1.1 percentage points to 97.2%.
Export and Import Flows
Crude exports edged higher to 3.5 million barrels per day, while net U.S. crude imports declined by 237,000 barrels per day.
Market Reaction – Oil Prices
Following the inventory report, Brent crude futures jumped $6.34, or 7.5%, to $90.42 per barrel as of 10:47 a.m. ET, and West Texas Intermediate (WTI) rose $5.90, also 7.5%, to $85.22 per barrel.