EIA: U.S. Commercial Crude Inventories Fall 7.2 mb, Hitting Lowest Level Since 2018

U.S. commercial crude inventories fell 7.2 million barrels (mb) in the week of July 24, 2026, to 404.5 mb, their lowest level since 2018, according to the Energy Information Administration (EIA) weekly report dated July 29.

The draw tripled the market consensus of 1.3 mb, driven by a surge in refinery throughput, with U.S. plants running at 97.2% of capacity, and by exports that held at 3.5 million barrels per day (mb/d). The adjustment comes as disruptions in the Strait of Hormuz have lifted global demand for U.S. crude, according to The National. For Mexico, which imports most of its gasoline and diesel from the United States, the erosion of the inventory buffer along the Gulf corridor increases exposure to refined-product price volatility.

The Cushing, Oklahoma storage hub, the benchmark for West Texas Intermediate (WTI) crude and a gauge of Gulf dispatch capacity, fell 771,000 barrels to 18.6 mb, its lowest level since 2014 and below the operational threshold of 20 mb, the EIA reported. The Strategic Petroleum Reserve (SPR) has now logged 18 consecutive weeks of releases and stands at 307.7 mb, its lowest level since 1983. Total inventories, including the SPR, fell 11 mb to 712.2 mb, the lowest level since 1984. Prices responded upward: Brent rose 7.5% to $90.42 per barrel and WTI advanced 7.5% to $85.22.

The next EIA weekly report, on August 5, will determine whether inventory pressure persists with refineries above 97% and exports holding firm. Traffic through the Strait of Hormuz and the pace of SPR releases will determine crude and product availability across Latin America in the weeks ahead.

This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.