API data shows commercial inventories fell sharply over ten weeks, but Strategic Petroleum Reserve releases limit annual drawdowns.
US crude oil inventories declined by 765,000 barrels in the week ending June 19, extending a two-month drawdown trend. Commercial stockpiles, excluding the Strategic Petroleum Reserve, have dropped by 53 million barrels over the past ten weeks.
Despite the rapid decline, total US crude inventories are only down 2.1 million barrels year-to-date. The smaller annual draw reflects ongoing releases from the SPR, which have partially offset commercial stock declines.
The data highlights persistent tightness in crude supplies amid steady demand and limited production growth.