The Investor
29 Jul 2026, 15:41
The U.S. Energy Information Administration (EIA) reported that crude oil inventories fell by 7.17 million barrels last week, far exceeding market expectations for a 700,000-barrel decline. The previous week's report had shown a build of 2.01 million barrels.
Meanwhile, inventories at the Cushing, Oklahoma delivery hub also declined by 771,000 barrels, following a 674,000-barrel draw in the previous week. Cushing is the primary delivery point for WTI crude futures, and falling inventories there are typically viewed as supportive for oil prices.
The larger-than-expected nationwide inventory draw suggests refinery activity and end-user demand remain resilient despite concerns about global economic growth. The continued decline at Cushing also indicates tightening physical crude supplies in a key U.S. storage hub.
Meanwhile, inventories at the Cushing, Oklahoma delivery hub also declined by 771,000 barrels, following a 674,000-barrel draw in the previous week. Cushing is the primary delivery point for WTI crude futures, and falling inventories there are typically viewed as supportive for oil prices.
The larger-than-expected nationwide inventory draw suggests refinery activity and end-user demand remain resilient despite concerns about global economic growth. The continued decline at Cushing also indicates tightening physical crude supplies in a key U.S. storage hub.
