US Crude Oil Inventories Decline for 17 Straight Weeks, Lowest Since 1984

Hyperdash News08/08/2026 15:17 UTCCommodities

US crude oil inventories have fallen for 17 consecutive weeks, marking a record streak. Since early April, total inventories dropped by 166 million barrels to 712 million barrels, reaching their lowest level since March 1984. The Strategic Petroleum Reserve (SPR) also saw a significant decline, falling by 111 million barrels to 305 million barrels, a 40-year low.

This sustained decline in crude oil inventories signals a tightening of supply. The record 17-week drawdowns, including the substantial reduction in the SPR, indicate a notable shift in market fundamentals. The early reaction on Hyperdash:

WTI Crude is up +0.13%, and

Brent Crude is up +0.13%.

Sources

Kobeissi Letter

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