Crude Inventories Drop By 3 Million Barrels; WTI Oil Tests The $66.00 Level

On August 8, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 3 million barrels from the previous week, compared to analyst consensus of -1.1 million barrels. At current levels, crude inventories are about 6% below the five-year average for this time of the year.

Total motor gasoline inventories declined by -1.3 million barrels, compared to analyst forecast of -1 million barrels. Distillate fuel inventories decreased by -0.6 million barrels from the previous week.

U.S. crude oil imports declined by -174,000 bpd, averaging 6.0 million bpd. Over the past four weeks, U.S. crude oil imports averaged 6.1 million bpd.

Strategic Petroleum Reserve increased from 402.7 million barrels to 403.0 million barrels. Strategic Petroleum Reserve has been mostly stable in recent weeks.

Domestic oil production declined from 13.314 million bpd to 13.284 million bpd. The EIA report showed that domestic oil production is not ready for sustainable growth after the pullback from yearly highs.

WTI oil moved towards the $66.00 level as traders reacted to the EIA report. Falling domestic oil production may provide additional support to oil markets.

Brent oil climbed towards the $68.50 level after the release of the EIA data. It should be noted that traders will also focus on geopolitical news. The U.S. has recently introduced an additional 25% tariff on India due to its purchases of Russian oil.

For a look at all of today’s economic events, check out our economic calendar.