Financial News: U.S. Crude Oil Inventories Plunge Much More Than

U.S. Crude Oil Inventories Plunge Much More Than Expected

06/17/2026 - 10:36:00 (RTTNews)

(RTTNews) - A report released by the Energy Information Administration on Wednesday showed crude oil inventories in the U.S. tumbled by much more than expected in the week ended June 12th.

The EIA said crude oil inventories plunged by 8.3 million barrels last week after slumping by 7.2 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 4.6 million barrels.

At 418.2 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.

The report said gasoline inventories also edged down by 0.9 million barrels last week and are 6 percent below the five-year average for this time of year.

Meanwhile, the EIA said distillate fuel inventories, which include heating oil and diesel, rose by 1.0 million barrels last week but remain about 13 percent below the five-year average for this time of year.

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