Oil tanks
US crude oil inventories fell during the week ending June 12, continuing their decline for the eighth consecutive week, according to data released Wednesday by the US Energy Information Administration, by more than expected, which indicated a decrease of 3.5 million barrels. 
US Crude Oil Refined Product Inventories (mln barrels)
Item
Last Year
Last Week
Current
WoW Change
Crude Oil
420.9
426.5
418.2
(8.3)
Gasoline
230
215.1
214.2
(0.9)
Distillates
109.4
102.1
103.1
+1
Interpretation? The data indicates that commercial oil inventories are being drawn down at a rapid pace due to increased consumption during the summer, in addition to offsetting the global shortfall in crude supplies caused by the repercussions of the war in the Middle East.
Oil tanks
US crude oil inventories fell during the week ending June 12, continuing their decline for the eighth consecutive week, according to data released Wednesday by the US Energy Information Administration, by more than expected, which indicated a decrease of 3.5 million barrels.
US Crude Oil Refined Product Inventories (mln barrels)
Item
Last Year
Last Week
Current
WoW Change
Crude Oil
420.9
426.5
418.2
(8.3)
Gasoline
230
215.1
214.2
(0.9)
Distillates
109.4
102.1
103.1
+1
Interpretation? The data indicates that commercial oil inventories are being drawn down at a rapid pace due to increased consumption during the summer, in addition to offsetting the global shortfall in crude supplies caused by the repercussions of the war in the Middle East.
