US crude oil inventories decline amid rising Hormuz traffic
pre-market1 source ↓written by the desknot a recommendation
- drop the previous
- 6.072 million barrel
- over the last
- 60 million barrels
- this year
- 8.6 million barrels
- were drawn
- 6.2 million barrels
- 325.7 million barrels
The American Petroleum Institute reported a decline of 399,000 barrels in US crude oil inventories for the week ending 3 July, following a 6.072 million barrel drop the previous week. Despite a total reduction of nearly 60 million barrels over the last twelve weeks, inventories are still down just 8.6 million barrels this year.
This tightening of supply comes as 6.2 million barrels were drawn from the Strategic Petroleum Reserve, now at 325.7 million barrels, the lowest in over 40 years. Market participants should watch for potential price impacts as production also dipped to 13.810 million bpd.
Not investment advice. For informational purposes only.