US crude inventories post another major draw, EIA data shows

U.S. crude oil inventories posted another significant drawdown last week, according to the latest data from the Energy Information Administration (EIA). Commercial stockpiles fell by 3.8 million barrels for the week ending June 26, bringing total inventories to 408.4 million barrels. That level is now 7% below the five-year average for this time of year, signaling tighter supply conditions in the world's largest oil consumer.

The draw follows a larger-than-expected decline reported by the American Petroleum Institute (API) a day earlier, which showed a 6.072 million barrel drop. The EIA figure, while smaller, still reinforces a trend of declining inventories that has supported crude prices in recent weeks. For energy traders, the sustained draws suggest that demand is absorbing supply at a faster pace than anticipated, particularly as the summer driving season picks up. Traders can track these real-time inventory shifts and their impact on fuel prices using NowPrice's live dashboard.

Looking ahead, market participants will focus on upcoming EIA reports to see if the drawdown trend continues. Key factors to watch include refinery utilization rates, which have been running high, and any changes in domestic production. Additionally, geopolitical developments and OPEC+ supply decisions could influence the trajectory of crude prices in the coming weeks.