U.S. Crude Oil Stocks Hit Record Low of 712M Barrels

US crude inventories fall to 712M barrels, a record low since March 1984, following 17 consecutive weeks of decline. Strategic reserves also drop to historic lows.

Woofun AI data shows that U.S. crude oil inventories have declined for 17 consecutive weeks, establishing the longest such cycle on record and surpassing the 16-week streak observed in 2021. Total crude stocks have decreased by 166 million barrels since early April, settling at 712 million barrels, which marks the lowest level recorded since March 1984.

Strategic petroleum reserve holdings have fallen by 111 million barrels since March, currently standing at 305 million barrels, the lowest figure since February 1983.

Concurrently, overall U.S. oil inventories have contracted for 10 straight weeks, matching the duration of the record set in 2018.