U.S. Crude Oil Inventories Fall 564,000 Barrels Week Ending July 10

U.S. crude oil inventories fell by 564,000 barrels in the week ending July 10, OilPrice.com reported, citing American Petroleum Institute estimates. Stocks had declined by 399,000 barrels the prior week.

Commercial crude oil inventories excluding the SPR have dropped just over 60 million barrels over the last twelve weeks. Total U.S. crude inventories are down 9.2 million barrels so far in 2026, with draws from the SPR limiting the net decline.

Another 2.99 million barrels left the SPR in the week ending July 10, bringing the total to 316.5 million barrels. That level is below the 2023 low reached during the prior administration's drawdown and marks the lowest SPR holdings in over 43 years. SPR inventories stand 415 million barrels below maximum capacity.

U.S. crude oil production reached 13.860 million barrels per day for the week ending July 3, up 50,000 barrels per day from the prior week and 475,000 barrels per day from the same week a year earlier. Gasoline inventories fell by 1.929 million barrel drop the week before.

Those stocks were already 6 percent below the five-year average as of the week ending July 3, according to EIA data. Distillate inventories rose by 2.3 million barrels after falling 1.801 million barrels the prior week and stood 12 percent below the five-year average. Cushing crude oil inventory increased by 238,000 barrels in the latest week after declining 69,000 barrels the week before.