US Crude Oil Inventories Hit 41-Year Low After Tenth Consecutive Week of Decline

Crude oil inventories across the United States have reached their lowest levels in over four decades, marking the completion of a tenth consecutive week of decline.

Total crude oil stocks—encompassing both commercial reserves and the strategic petroleum reserve—decreased by 17.2 million barrels to settle at 758.5 million barrels, representing the lowest level recorded since March 1985.

Commercial crude stocks alone, excluding the government's strategic reserves, fell by 8.3 million barrels to 418.2 million barrels. This decline outpaced market expectations, with analysts surveyed by Reuters having predicted a reduction of 4.6 million barrels.

At the Cushing, Oklahoma storage facility, a major crude oil delivery hub, inventories slipped by 1.6 million barrels during the week.

Refinery operations expanded during the period, with crude oil consumption at refineries climbing by 230,000 barrels per day.

Gasoline inventory levels dropped by 906 thousand barrels to reach 214.2 million barrels, slightly undershooting the Reuters poll consensus of a one million barrel decline.

Distillate stocks, which encompass diesel and heating oil, moved in the opposite direction, rising by one million barrels to 103.1 million barrels. This increase contradicted analyst forecasts that had anticipated a 470 thousand barrel decrease.

On the trade front, net crude oil imports into the United States fell by 241 thousand barrels per day, while crude exports declined by 513 thousand barrels to 4.33 million barrels.