US crude oil inventories plunge to 1984 low as Cushing and regional stocks tighten sharply

US crude oil stockpiles fell sharply in the latest weekly data released by the Energy Information Administration. Total inventories, including the Strategic Petroleum Reserve, dropped by more than 15 million barrels in the week ending June 19. The total now stands at 743.3 million barrels.

This is not just a small decline. It pushes overall US crude inventories to their lowest level since October 1984. That kind of drop shows how tight supply conditions have become compared to historical levels.

Even when the Strategic Petroleum Reserve is excluded, crude stocks still fell. The EIA reported that inventories without the SPR are now at their lowest point since January 2025. This signals that commercial supply pressure is also building, not just government reserves.

Cushing hub and Midwest stocks hit multi year lows

One of the most closely watched storage points in the US, the Cushing hub in Oklahoma, also saw a major drawdown. Stocks there fell to around 19 million barrels last week. That is the lowest level since October 2014.

Cushing is important because it serves as a key pricing and delivery point for US crude oil futures. When storage there gets tight, it often reflects broader supply constraints in the physical market.

The Midwest region also saw a similar trend. Crude oil inventories in the region dropped to their lowest level since November 2014. This adds more evidence that supply is thinning across multiple key storage areas, not just one location.

Fuel stocks and refinery activity show further stress in supply system

The pressure was not limited to crude oil alone. East Coast distillate fuel oil inventories fell to their lowest level since May 2022. This includes fuels like diesel, which are heavily used in transport and industry.

At the same time, refinery activity also showed signs of slowdown. East Coast refinery utilization dropped to its lowest level since April 2025. Lower utilization usually means less crude is being processed into fuels, which can further affect supply balances.

Taken together, the data shows a tightening energy system across crude, storage hubs and refined products. The sharp drawdown in inventories highlights how quickly physical supply conditions can shift even over a single reporting week.