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Economy June 17, 2026 11:17 AM

U.S. Total Crude Stocks Fall to Lowest Point Since March 1985

EIA reports a 17.2 million-barrel weekly draw, with regional storage and refinery utilization hitting notable lows and highs

By Caleb Monroe
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Total U.S. crude oil inventories fell to 758.5 million barrels for the week ended June 12, the Energy Information Administration reported, marking the lowest aggregate level since March 1985. The combined figure, which covers commercial stocks and Strategic Petroleum Reserve holdings, fell by 17.2 million barrels week over week. Regional data showed Midwest supplies at their weakest since December 2014 and Cushing, Oklahoma, at operational lows near 20 million barrels. Refinery utilization climbed in several regions, with Midwest rates at their highest since December 2023 and West Coast activity at its strongest since July 2023.

U.S. Total Crude Stocks Fall to Lowest Point Since March 1985
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Key Points

  • Total U.S. crude stocks fell to 758.5 million barrels in the week ended June 12, the lowest combined level since March 1985 - affecting the energy and commodities reporting landscape.
  • The 17.2 million-barrel weekly draw represents the change in combined commercial and Strategic Petroleum Reserve holdings reported by the EIA - relevant to oil market participants and storage operators.
  • Regional data show Midwest inventories at their weakest since December 2014 and Cushing, Oklahoma, at operational lows near 20 million barrels; refinery utilization rose in the Midwest and on the West Coast, which matters for refiners and downstream fuel supply chains.

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.

Risks

  • The EIA report does not disclose how the 17.2 million-barrel decline is split between commercial stocks and Strategic Petroleum Reserve holdings, leaving uncertainty about the composition of the drawdown.
  • Cushing's reported operational lows of approximately 20 million barrels are noted in the data, but the EIA release does not specify operational consequences tied to those lower storage levels.
  • While refinery utilization rose in the Midwest and on the West Coast to multimonth highs, the EIA data do not provide additional context on the drivers of increased refinery throughput for the week ending June 12.

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