US oil inventories hit lowest level since 1984 amid export and import shifts
US oil stocks have fallen to their lowest since 1984, as exports declined, imports rose, and refinery utilization rates dropped.
Key Takeaways
AIOil inventories in the United States saw a significant drop of 131.6 million barrels last week, reaching 723.1 million barrels—the lowest level since 1984, according to data from the US Energy Information Administration.
The agency reported that crude oil stocks rose by 2 million barrels to 411.7 million barrels in the week ending July 17, 2026.
Meanwhile, crude inventories at the Cushing, Oklahoma delivery hub fell by 674,000 barrels to 19.4 million barrels, dropping below the estimated minimum operating level of 20 million barrels.
Changes in refinery operations, exports, and imports
The Energy Information Administration noted that refinery crude runs decreased by 58,000 barrels per day, while refinery utilization slipped by 0.1 percentage points to 96.1%.
At the same time, US crude exports fell by about 368,000 barrels per day, while imports increased by 117,000 barrels to 5.8 million barrels per day.
Gasoline and distillate stocks rise
As for other petroleum products, gasoline inventories rose by 765,000 barrels to 211.3 million barrels during the week, defying analyst expectations of a 1.5 million barrel decline.
Distillate stocks, which include diesel and heating oil, increased by 1.4 million barrels to 109.6 million barrels, surpassing forecasts for a 738,000 barrel rise.