U.S. Crude Oil Inventory Hits Historic Low of 712 Million Barrels, Lowest Since March 1984

August 8th, the U.S. crude oil inventory is experiencing an unprecedented decline: the total inventory has been falling for 17 consecutive weeks, marking the longest continuous decline on record. This number surpasses the previous record of 16 weeks of consecutive decline set in 2021.

Since early April, the total crude oil inventory has dropped by 166 million barrels to 712 million barrels, reaching the lowest level since March 1984. The U.S. strategic petroleum reserve alone has reduced by 111 million barrels since March, currently standing at 305 million barrels, the lowest level since February 1983. At the same time, U.S. oil inventories have been falling for 10 consecutive weeks, aligning with the record set in 2018.