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- October 17, 202611°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,565+0.08%
- October 17, 202611°
US Oil Inventories Fall More Than Expected, Signaling Market Tightening
The US Energy Information Administration reported that commercial crude oil inventories fell by 8.3 million barrels last week. Gasoline stocks also declined during the same period, while daily crude oil production saw a slight increase.
Commercial crude oil inventories in the US dropped by 8.3 million barrels last week, falling to 418.2 million barrels. This brought stocks to about 6% below the five-year average for this time of year.
The market had anticipated a decline of around 3.6 million barrels. The reported data indicated a larger-than-expected decrease.
Strategic crude oil reserves also fell by 8.9 million barrels during the same period, reaching 340.3 million barrels. These reserves are kept separate from commercial crude oil inventories.
Gasoline stocks in the country also decreased, dropping by approximately 900,000 barrels to 214.2 million barrels.
Limited Increase in Production Observed
US daily crude oil production rose by 7,000 barrels in the week of June 6-12, reaching 13.806 million barrels. During the same period, crude oil imports decreased by 754,000 barrels per day to 5.134 million barrels.
Crude oil exports fell by 513,000 barrels per day to 4.327 million barrels. Weekly data thus show a small increase in production despite the sharp decline in inventories.
Year-End Production Outlook Released
According to the June 2026 Short-Term Energy Outlook Report, the US is expected to average 13.72 million barrels of crude oil production per day this year. This forecast indicates that the country’s strong production trend in the oil market is expected to continue.
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