USA Crude Oil Stocks Drop Almost 4MM Barrels WoW
by Andreas Exarheas | Rigzone Staff
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*this article was not written by Roseland Oil & Gas
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 3.8 million barrels from the week ending June 21 to the week ending June 26.
That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on July 2 and included data for the week ending June 26.
The report showed that crude oil stocks, not including the SPR, stood at 408.4 million barrels on June 26, 412.1 million barrels on June 19, and 419.0 million barrels on June 27, 2025. The report highlighted that data may not add up to totals due to independent rounding.
Crude oil in the SPR stood at 325.7 million barrels on June 26, 331.2 million barrels on June 19, and 402.8 million barrels on June 27, 2025, the report outlined. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.527 billion barrels on June 26, the report showed. Total petroleum stocks were down 6.3 million barrels week on week and down 115.6 million barrels year on year, the report revealed.
Crude oil stocks, not including the SPR, stood at 408.4 million barrels on June 26, the EIA’s latest weekly petroleum status report showed.
“At 408.4 million barrels, U.S. crude oil inventories are about seven percent below the five-year average for this time of year,” the EIA said in its latest weekly petroleum status report.
“Total motor gasoline inventories decreased by 2.3 million barrels from last week and are seven percent below the five-year average for this time of year. Both finished gasoline and blending component inventories decreased last week,” it added.
“Distillate fuel inventories increased by 2.5 million barrels last week and are about eight percent below the five-year average for this time of year. Propane/propylene inventories increased by 1.3 million barrels from last week and are 33 percent above the five-year average for this time of year,” it continued.
U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending June 26, according to the report, which noted that this was 85,000 barrels per day more than the previous week’s average.
“Refineries operated at 96.6 percent of their operable capacity last week,” the EIA highlighted in the report.
“Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased, averaging 5.2 million barrels per day,” it said.
U.S. crude oil imports averaged 5.3 million barrels per day last week, the report noted. The report outlined that this represented a decrease of 291,000 barrels per day from the previous week.
“Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 10.9 percent less than the same four-week period last year,” the EIA said in the report.
“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 639,000 barrels per day, and distillate fuel imports averaged 108,000 barrels per day,” it added.
Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 1.7 percent from the same period last year, the EIA stated in its report.
“Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, down by 2.6 percent from the same period last year,” the EIA added.
“Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 1.9 percent from the same period last year. Jet fuel product supplied was up 0.6 percent compared with the same four-week period last year,” the EIA continued.
In a statement posted on his X page on Thursday, which highlighted “key takeaways” from the EIA’s latest weekly petroleum status report, Ole Hansen, Saxo Bank’s Head of Commodity Strategy, pointed out that crude stocks “fell for a 12th straight week, down 3.8 million barrels to their lowest since March 2025”.
“Including the SPR, which fell by 5.5 million barrels, total stockpiles dropped to their lowest since 2004,” he added.
“Cushing recorded a small increase but remains at a seasonal low last seen in 2005. Both imports and exports slowed, while production held steady at 13.8 million barrels per day,” he continued.
“Gulf Coast refinery activity rose to a seasonal record high, yet refinery margins remain elevated amid strong demand,” he noted.
“Gasoline stocks fell by 2.3 million barrels as exports hit a seasonal record high, while domestic demand firmed on a four-week average basis as the summer driving season picked up. Distillate stocks continued to recover, rising by 2.5 million barrels,” he went on to state.
Hansen concluded in the statement that, “overall, total U.S. crude oil and refined fuel exports continued their sharp decline, falling to 11.2 million barrels per day last week from more than 14 million barrels per day in April”.
“The sustained drop reflects softer international demand and reduced export flows following the reopening of the Strait of Hormuz, allowing Middle Eastern supplies to regain market share,” he noted.
In an oil and gas report sent to Rigzone late Monday by the Macquarie team, strategists at Macquarie, including Walt Chancellor, revealed that they were forecasting that U.S. crude inventories would be down by 5.5 million barrels for the week ending June 26.
“This follows a 6.1 million barrel draw in the prior week, with the crude balance again realizing tighter than our expectations,” the strategists said in that report.
“Beyond normal variability in flow items, we continue to note persistently high crude exports and SPR draws could inject volatility into weekly stats,” they added.
“While demand destruction concerns have moved from the fore, last week’s weak implied demand print for gasoline marks the third such figure in the last four weeks to realize softly,” they continued.
The Macquarie strategists went on to outline that, “within the crude balance, for the week ending 6/26, from refineries”, they looked for “a moderate reduction in crude runs (-0.3 million barrels per day)”.
“Among net imports, we model a slight reduction, with exports (+0.2 million barrels per day) and imports (+0.1 million barrels per day) up on a nominal basis,” they added.
The strategists warned in the report that the timing of cargoes remained a source of potential volatility in the weekly crude balance.
“From implied domestic supply (prod. +adj.+transfers), we look for an increase (+0.3 million barrels per day),” the strategists noted in the report.
“Rounding out the picture, we anticipate a smaller SPR draw (-5.5 million barrels) for the week ending 6/26. While we model SPR releases as immediately benefitting commercial stocks, the precise timing of these flows could also add noise to weekly balances,” they said.
The Macquarie strategists also stated in the report that, “among products”, they looked for “draws in gasoline (-1.8 million barrels) and distillate (-0.7 million barrels), with jet down minimally”.
“We model implied demand for these three products at ~14.8 million barrels per day for the week ending 6/26,” they added.
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas