U.S. Crude Inventories Plunge Amid Record Exports

The Energy Information Administration reported a sharp decline in U.S. crude oil inventories for the week ending April 24, 2026. Inventories plunged by 6.2 million barrels, reversing a 1.9 million barrel increase from the previous week. Total inventories fell to 459.5 million barrels, remaining approximately 1 percent above the five-year average.

This inventory drop was driven by record-high crude exports, which reached an all-time high of 6.44 million barrels per day. Additionally, the Strategic Petroleum Reserve experienced a drawdown of 7.121 million barrels, the largest since October 2022. These trends align with overseas buyers seeking alternatives to Middle Eastern oil following the closure of the Strait of Hormuz and the war in Iran.

While U.S. production held steady at roughly 13.6 million barrels per day, the supply tightening pushed WTI Crude above $105 per barrel and drove gasoline prices to multi-year highs. In response, Donald Trump signed a shipping waiver to facilitate crude imports from the Gulf Coast to the U.S. East Coast. Localized disruptions persist, including a Valero refinery in Port Arthur attempting a full restart following a fire in March.