U.S. commercial crude oil inventories fell by 6.1 million barrels during the week ending June 19, 2026, bringing total stocks to 412.1 million barrels. The drop was reported in the U.S. Energy Information Administration's Weekly Petroleum Status Report published June 24, 2026. The decline pushes crude inventories to 7% below the five-year average, continuing a downward trend that has marked June.
U.S. refineries processed 17.1 million barrels per day of crude oil for the week, down 81,000 b/d from the previous week, while operating at 96.1% capacity utilization. Gasoline production averaged 9.5 million b/d, and distillate production increased to 5.2 million b/d. Crude oil imports jumped 436,000 b/d to 5.6 million b/d, though the four-week average of 5.7 million b/d remains 4% below year-ago levels. While crude inventories fell, gasoline inventories increased 2.1 million barrels and distillate inventories rose 3.1 million barrels, though both remain below their five-year averages at 5% and 10% respectively. Propane and propylene stocks increased by 2.6 million barrels, reaching 35% above the five-year average. Total commercial petroleum inventories decreased by just 0.5 million barrels for the week.
According to the EIA data, over the past four weeks, total product supplied averaged 20.5 million b/d, representing a 2% increase year over year. Gasoline implied demand decreased 3% to 8.8 million b/d, while distillate implied demand increased 3% to 3.6 million b/d. Jet fuel implied demand increased 1% compared to the same period last year. The report shows that gasoline imports averaged 647,000 b/d and distillate imports averaged 135,000 b/d.
The decline in crude inventories comes as refineries operate at near-maximum capacity, processing incoming crude at a high rate to meet summer driving season demand. The drop to 7% below the five-year average indicates tighter market conditions compared to historical norms. The increase in distillate production and inventories suggests refiners are building stocks ahead of anticipated demand, while the 35% jump in propane stocks above the five-year average reflects seasonal patterns. The mixed signals in demand—with gasoline falling 3% but overall product supplied up 2%—show shifting consumption patterns across different petroleum products as the economy adjusts to current conditions.