US oil inventories hit lowest since 1984 amid shifts in exports and imports
US crude inventories rose 2 million barrels but remained low; Cushing stocks fell below 20 million barrels. Refinery runs declined, exports fell while imports rose. Gasoline and distillate stocks increased more than expected.
The administration stated that crude oil inventories rose by 2 million barrels to 411.7 million barrels in the week ending July 17, 2026.
On the other hand, crude oil inventories at the delivery hub in Cushing, Oklahoma fell by 674,000 barrels to 19.4 million barrels, dropping below the estimated operating minimum of 20 million barrels.
Changes in operating rates, exports, and imports
The Energy Information Administration indicated that refinery crude oil consumption fell by 58,000 barrels per day, and refinery operating rates declined by 0.1 percentage point to 96.1%.
In the same context, US crude exports fell by about 368,000 barrels per day, while imports rose by 117,000 barrels to 5.8 million barrels per day.
Gasoline and distillate inventories rise
As for other petroleum products, gasoline inventories rose by 765,000 barrels to 211.3 million barrels during the week, compared to analysts' expectations of a decrease of 1.5 million barrels.
Distillate inventories, which include diesel and heating oil, increased by 1.4 million barrels to 109.6 million barrels, exceeding expectations of a rise of 738,000 barrels.
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Original source: Ajel.sa
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