U.S. crude oil inventories fell by 370,000 barrels for the week ending June 6, according to the American Petroleum Institute (API). Analysts had expected a 700,000-barrel increase. The drop follows a 3.3 million-barrel decline reported the previous week.
So far in 2025, crude stocks are up by nearly 18 million barrels, based on Oilprice.com’s calculations using API data.
Meanwhile, the Department of Energy reported a 300,000-barrel rise in the Strategic Petroleum Reserve (SPR), bringing total reserves to 402.1 million barrels. This remains far below pre-withdrawal levels seen before the Biden administration released large volumes to curb fuel prices.
Despite the inventory drop, oil prices were down slightly. As of 4:25 p.m. ET on June 6, Brent crude traded at $66.72 per barrel, down $0.32 on the day but over $1 higher than the previous week. West Texas Intermediate (WTI) fell by $0.42 to $64.87 per barrel, still up $1.50 from a week earlier.
Fuel inventories rose significantly. Gasoline stocks increased by 2.969 million barrels, following a 4.7 million-barrel build the week before. Last week’s data showed gasoline inventories were still 1% below the five-year seasonal average, according to the Energy Information Administration (EIA).
Distillate inventories, which include diesel and heating oil, rose by 3.712 million barrels. That adds to a smaller 760,000-barrel increase the previous week. As of May 30, distillate stocks were 16% below the five-year average.
At Cushing, Oklahoma—the key hub for U.S. crude futures—stockpiles fell by 728,000 barrels for the week.
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