Crude Inventories Fall by 3.6 Million Barrels; WTI Oil Tests Multi-Week Highs

On June 11, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by -3.6 million barrels from the previous week, compared to analyst forecast of -2 million barrels. At current levels, crude inventories are about 8% below the five-year average for this time of the year. In the previous week, crude inventories decreased by -4.3 million barrels.

Total motor gasoline inventories increased by +1.5 million barrels, compared to analyst consensus of -0.9 million barrels. Distillate fuel inventories increased by +1.2 million barrels from the previous week.

Crude oil imports declined by 170,000 bpd, averaging 6.2 million bpd. Over the past four weeks, crude oil imports averaged 6.2 million bpd.

Strategic Petroleum Reserve increased from 401.8 million barrels to 402.1 million barrels as U.S. continued to buy oil for strategic reserves.

Domestic oil production increased from 13.408 million bpd to 13.428 million bpd. From a big picture point of view, domestic oil production is trying to recover after the recent pullback, which was triggered by low oil prices.

WTI oil made an attempt to settle above the $66.50 level as traders reacted to the EIA report. Oil markets are moving higher as traders react to the trade deal between U.S. and China.

Brent oil settled above the $68.00 level after the release of the EIA report.

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