Overview

• U.S. commercial crude stocks fell by 3.17 million barrels in the week ending July 18, the Energy Information Administration reported.
• The Department of Energy recorded a 200,000-barrel Strategic Petroleum Reserve loan to ExxonMobil to address Mars-grade crude quality issues at its Baton Rouge refinery.
• Gasoline inventories declined by about 1.2 million barrels while distillate supplies rose nearly 3.5 million barrels and Cushing hub storage increased by 455,000 barrels.
• Brent futures rose to around $68.75 per barrel and WTI reached $65.50 on optimism over U.S. trade talks and tighter domestic supplies.
• U.S. oil rigs fell to 422, a 45-month low, and the EIA projects domestic output will contract to 13.37 million barrels per day in 2026.