Particle.news
Download on the App Store
12 ARTICLES
·
2d ago

Inventory Drawdowns and Trade Deals Stabilize Oil Prices in Mid-$60s

Steep crude draws, gasoline stock declines, a 200,000-barrel SPR loan to ExxonMobil coupled with optimism over U.S. trade deal progress have balanced market pressures.

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
Image
Image
Image

Overview

  • U.S. commercial crude inventories plunged by 3.17 million barrels in the week ending July 18, the EIA reported.
  • The Department of Energy approved a 200,000-barrel emergency loan from the Strategic Petroleum Reserve to ExxonMobil, reducing reserves to 402.5 million barrels.
  • Gasoline supplies fell by 1.74 million barrels during peak summer travel, while distillate inventories rose seasonally to rebuild low stocks.
  • Baker Hughes data show U.S. oil rigs at a 45-month low of 422 rigs, and the EIA projects nationwide production will contract to 13.37 million barrels per day in 2026.
  • Brent crude has held around $68.75 a barrel and WTI near $65.50 as markets weigh U.S.-Japan tariff reductions and advancing U.S.-EU trade talks.