Total U.S. crude inventories stood at 758.5 million barrels in the week ended June 12, according to data published by the Energy Information Administration (EIA). That level represents the lowest combined stock figure reported since March 1985.
The EIA's aggregate inventory number incorporates both commercial storage and holdings in the Strategic Petroleum Reserve. In the most recent week, the combined total declined by 17.2 million barrels, the agency's figures show.
Regional breakdowns in the report highlighted pronounced declines in the Midwest. Midwest crude stocks dropped to their lowest point since December 2014, the EIA said. At Cushing, Oklahoma - a central hub for crude storage and pipeline flows - levels fell to operational lows of roughly 20 million barrels, the smallest reported since October 2014.
Alongside the inventory draw, refinery activity shifted higher across multiple parts of the country. The EIA reported that Midwest refinery utilization climbed to its highest rate since December 2023. The West Coast also posted an uptick in refinery activity, reaching its strongest utilization rate since July 2023.
The EIA release provided the weekly statistical snapshot of stocks, storage and refinery use but did not include a breakdown attributing the 17.2 million-barrel decline to specific components of the combined total. Nor did the report offer detail on operational consequences tied to the lower storage levels at Cushing beyond reporting the observed operational lows.
These data points together paint a picture of tightening aggregated inventories alongside elevated refinery throughput in certain regions for the reference week ending June 12, according to the EIA's published figures.
Key details from the EIA release
- Total U.S. crude inventories: 758.5 million barrels (week ended June 12).
- Week-over-week change: decline of 17.2 million barrels.
- Lowest total since: March 1985.
- Midwest stocks: lowest since December 2014.
- Cushing, Oklahoma: operational lows of approximately 20 million barrels, lowest since October 2014.
- Refinery utilization: Midwest at highest since December 2023; West Coast at highest since July 2023.