Crude Inventories Decline By 11.5 Million Barrels; WTI Oil Dives 2.5%

On June 18, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories decreased by -11.5 million barrels from the previous week, compared to analyst forecast of -2.3 million barrels. At current levels, crude inventories are about 10% below the five-year average for this time of the year.

Total motor gasoline inventories increased by +0.2 million barrels, while distillate fuel inventories grew by +0.5 million barrels.

U.S. crude oil imports declined by 672,000 bpd, averaging 5.5 million bpd. Over the past four weeks, crude oil imports averaged 6.1 million bpd.

Strategic Petroleum Reserve increased from 402.1 million barrels to 402.3 million barrels as U.S. continued to buy oil for strategic reserves. The pace of these purchases is slow due to the recent spike in the oil prices.

Domestic oil production increased from 13.428 million bpd to 13.431 million bpd. It remains to be seen whether domestic oil production will grow in the near term or companies decide to wait for more clarity on the situation in the Middle East.

WTI oil pulled back towards the $73.00 level after the release of the EIA report. Traders also react to recent comments from Donald Trump and bet that U.S. will not get directly involved in Israel – Iran conflict.

Brent oil tested the $74.50 level as traders reacted to EIA data and focused on geopolitical developments.

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