U.S. Oil and Fuel Inventories Drop Sharply as Demand Surges

The U.S. Energy Information Administration (EIA) reported that oil supplies in the United States dropped by 5.8 million barrels last week.

This left the country with 415.1 million barrels in storage, a much bigger drop than experts expected. Gasoline and diesel stocks also fell, even though many thought they would go up.

Refineries are running at almost full speed, using 94.7% of their capacity. This is the highest rate in nearly a year. They are working hard to meet strong demand, especially as more people travel during the summer.

Americans used 9.7 million barrels of gasoline a day last week, the most since late 2021. The main oil storage hub in Cushing, Oklahoma, also saw its stocks drop by almost half a million barrels.

The U.S. imported more oil last week, but it was not enough to make up for the high demand. Oil prices went up after this news. When supplies fall and demand stays strong, prices usually rise.

This can mean higher costs for fuel and goods that rely on transportation. For businesses, these changes matter. Higher fuel prices can increase shipping and production costs.

This can affect the price of many everyday products. These numbers show how quickly the balance between supply and demand can change.

When refineries run hard and people use more fuel, supplies can drop fast. Watching these trends helps companies and consumers prepare for possible price changes.

All the facts and figures in this story come from the official reports of the U.S. Energy Information Administration. Nothing here is made up or changed.