EIA inventory report:
U.S. commercial crude inventories fell by 6 million barrels, while the Strategic Petroleum Reserve declined by a further 9 million barrels to a fresh multi-decade low. Combined, total U.S. crude stockpiles have fallen by around 100 million barrels since late April.
Inventories at Cushing, Oklahoma, the delivery hub for WTI futures, dropped to just 19 million barrels, the lowest level in 12 years and a threshold increasingly associated with operational constraints.
Gasoline and distillate inventories rose by 2 million and 3 million barrels, respectively, supported by robust refinery utilization and softer demand. Four-week average implied gasoline demand fell to the lowest seasonal level in 12 years, excluding the pandemic-affected period in 2020.
Total crude and refined product exports slowed to 12.1 million barrels per day, while U.S. crude production held steady at 13.8 million barrels per day.
