According to the American Petroleum Institute, US crude oil inventories decreased by 564,000 barrels during the week ending July 10, marking the second consecutive week of declines following a 399,000-barrel drop in the prior period. The persistent drawdown reflects ongoing demand pressures and supply dynamics in the domestic energy market.
Commercial crude oil inventories, excluding the Strategic Petroleum Reserve, have experienced a steep contraction over the past three months, shedding slightly more than 60 million barrels during that span. However, year-to-date inventory levels remain only 9.2 million barrels lower than the start of 2024, a modest decline bolstered by Strategic Petroleum Reserve releases designed to moderate inventory reductions and stabilize markets.
The inventory trends underscore the tightening balance between crude supplies and refinery demand as summer driving season progresses. Analysts continue to monitor whether the downward pressure on stockpiles will persist and what impact SPR drawdown strategies will have on commercial inventory levels going forward.
