Economy June 24, 2026 11:10 AM

U.S. Crude Stocks Fall to Levels Not Seen Since 1984, EIA Says

Combined commercial supplies and SPR decline more than 15 million barrels to reach 743.3 million barrels for week ending June 19

By Marcus Reed
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U.S. crude oil inventories, including the Strategic Petroleum Reserve, fell by over 15 million barrels in the week ending June 19 to 743.3 million barrels, the Energy Information Administration reported, marking the lowest combined level since October 1984. Excluding the SPR, crude stocks also reached a recent low, while regional inventories and East Coast refining indicators showed declines to multi-year troughs.

U.S. Crude Stocks Fall to Levels Not Seen Since 1984, EIA Says
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Key Points

  • U.S. crude inventories including the Strategic Petroleum Reserve fell by more than 15 million barrels to 743.3 million barrels for the week ending June 19 - the lowest combined level since October 1984.
  • Crude stocks excluding the SPR reached their lowest level since January 2025; Cushing inventories fell to about 19 million barrels, the lowest since October 2014, and Midwest stocks were the lowest since November 2014.
  • East Coast distillate fuel oil stocks dropped to their lowest since May 2022 and East Coast refinery utilization declined to its lowest point since April 2025 - indicators directly relevant to refining and fuel distribution activity.

U.S. crude oil inventories, when measured together with the Strategic Petroleum Reserve (SPR), dropped by more than 15 million barrels during the week ending June 19, according to Energy Information Administration data released on Wednesday. The combined total fell to 743.3 million barrels, a level the EIA identified as the lowest since October 1984.

The EIA also reported that crude oil stocks excluding the SPR fell to their lowest point since January 2025. The agency's weekly balance shows pronounced reductions both in headline national stockpiles and in several key regional storage points.

At the Cushing, Oklahoma hub - the delivery point for U.S. crude futures contracts - inventories decreased to roughly 19 million barrels for the week, the EIA said. That quantity represents the lowest recorded at Cushing since October 2014.

Midwest crude reserves similarly fell to a multi-year low, with the EIA noting that stocks in that region reached their lowest level since November 2014. The data therefore show broadly distributed declines across major storage centers.

Refining and distillate inventories on the East Coast were also affected. The EIA reported that East Coast distillate fuel oil stocks fell to the lowest level since May 2022. In parallel, East Coast refinery utilization eased to its lowest point since April 2025, according to the agency's numbers.

These weekly EIA figures present a snapshot of U.S. crude and product storage positions and regional refining activity for the reported period. The data released by the agency document the inventory draws and utilization changes cited above for the week ending June 19.


Clear summary

For the week ending June 19, U.S. crude inventories including the SPR fell by more than 15 million barrels to 743.3 million barrels - the lowest combined level since October 1984. Excluding the SPR, crude stocks hit their lowest level since January 2025. Regional storage at the Cushing hub and in the Midwest reached lows last seen in October 2014 and November 2014, respectively. East Coast distillate stocks fell to their lowest since May 2022 and East Coast refinery utilization declined to its lowest since April 2025.

Risks

  • Sustained low crude inventories, including the measured SPR-inclusive total of 743.3 million barrels, create uncertainty about near-term stock sufficiency for crude supply balances.
  • Reduced East Coast distillate stocks, noted as the lowest since May 2022, signal pressures for the distillate fuel supply chain and for refiners serving that region.
  • Lower East Coast refinery utilization - at its lowest since April 2025 - raises uncertainty about regional refining throughput and availability of refined products for distribution.

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