US Crude Oil Inventories Drop 8.3 Million Barrels, EIA Says

US crude oil inventories fell by 8.3 million barrels for the week ending June 12, according to the Energy Information Administration (EIA), bringing commercial stockpiles to 418.2 million barrels. The drawdown was larger than the 2.5 million barrel decline expected by analysts, and stockpiles are now 6% below the five-year average for this time of year. The data follows a report from the American Petroleum Institute (API) that also indicated a decline, confirming the tightening trend.

For energy traders, the inventory draw is a bullish signal for crude prices, especially as the summer driving season approaches, typically boosting gasoline demand. The EIA report also showed gasoline inventories falling, which could support refining margins. Traders can check NowPrice's fuel page for current pricing on crude and gasoline to gauge market reaction. The decline in stocks suggests the market is absorbing supply faster than anticipated, potentially narrowing the Brent-WTI spread if US production remains steady.

Looking ahead, traders will focus on next week's EIA report for confirmation of the trend, as well as any shifts in OPEC+ output policy. The International Energy Agency (IEA) recently projected a massive oil surplus by 2027 as Middle East supply returns, but near-term fundamentals remain supportive. Key levels to watch include WTI's ability to hold above recent support, with any further draws likely to push prices higher.