EIA data reveals record weekly declines in US crude inventories, with exports surging above 13m b/d amid Middle East disruptions.
US crude inventories fell sharply last week, including significant Strategic Petroleum Reserve withdrawals, as exports remained elevated. The Energy Information Administration reported total stockpiles dropped to seasonal lows not seen since 2014, while gasoline inventories also declined, supporting refined product cracks ahead of summer demand.
Crude and refined product exports exceeded 13 million barrels per day, well above the year-to-date average of 11.1 million b/d. The drawdowns occurred despite broader oil price sell-offs, driven by renewed hopes for a US-Iran agreement and increased tanker traffic through the Strait of Hormuz.
The tightening US supply backdrop contrasts with ongoing geopolitical uncertainties in the Middle East, which continue to disrupt regional oil flows. Gasoline stocks at multi-year lows suggest sustained upward pressure on refined product prices as driving season approaches.