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US crude oil inventories have posted a historic decline to 712 million barrels, hitting their lowest level since March 1984.

2026.08.08 23:48:21

US crude oil inventories are experiencing an unprecedented decline: total inventories have fallen for 17 consecutive weeks, the longest such decline period on record. This streak surpasses the previous record of 16 straight weeks of decline set in 2021. Since early April, total crude inventories have dropped by 166 million barrels to 712 million barrels, hitting their lowest level since March 1984. US Strategic Petroleum Reserve (SPR) inventories alone have decreased by 111 million barrels since March, currently standing at 305 million barrels, the lowest level since February 1983. Meanwhile, US gasoline inventories have declined for 10 consecutive weeks, matching the 2018 record.

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Meme coins lose steam, Robinhood Chain’s PONS and FATCOIN hit new highs

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Institutional View: Next week’s CPI will determine whether the Federal Reserve acts; Warsh needs to maintain credibility.

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U.S. stock market opening sees crypto-related stocks fall broadly, with HOOD down over 1% and AMC’s gains narrowing sharply.

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WTI crude oil’s intra-day decline widened to 2%.

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