EIA: US Crude Inventories Slip To February 2015 Low

U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015 as exports jumped and stocks at the Cushing hub dropped, the Energy Information Administration (EIA) said July 25.

Crude inventories fell 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. At 404.9 million barrels, inventories, not including the nation’s emergency petroleum reserve, were at their lowest level since February 2015.

“You’re seeing a 6 million draw … so the tightening of the fundamental picture continues,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Conn.