Commodities
Biggest US Oil Stockpile Drop in a Year Shows Tightening Market
Oil storage tanks at an oil terminal in Crockett, California.
Photographer: David Paul Morris/BloombergUS crude stockpiles declined the most in almost a year last week, signaling a tighter market for American oil just as the Israel-Iran conflict threatens supplies from the Middle East.
Oil inventories dropped 11.5 million barrels in the week through June 13, the steepest slide since late June 2024, according to Energy Information Administration data released Wednesday. The bulk of the decline came from the US Gulf Coast, a key region that accounts for most US oil exports. Stockpiles there are now the lowest since December 2023.