U.S. crude stockpiles slide to 712 million barrels, lowest since March 1984
AI Market Summary
U.S. crude inventories have fallen for a record 17 consecutive weeks, dropping 166 million barrels since early April to 712 million (lowest since 1984), while the Strategic Petroleum Reserve is down to 305 million (lowest since 1983). The sustained drawdown tightens near-term physical balances and raises sensitivity to supply disruptions, a supportive backdrop for crude benchmarks and energy-related risk pricing.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT-0.44%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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Huoxing Finance reported on Aug. 8 that U.S. crude oil inventories continue to post a historic drawdown. Total crude inventories have fallen for 17 straight weeks, setting a new record and surpassing the previous mark of 16 consecutive weekly declines in 2021. Since early April, total crude inventories have dropped 166 million barrels to 712 million barrels, the lowest level since March 1984.
The U.S. Strategic Petroleum Reserve has been a major contributor to the decline, down 111 million barrels since March to 305 million barrels, the lowest level since February 1983. Broader U.S. petroleum inventories have also decreased for 10 consecutive weeks, matching the record set in 2018.
