Total U.S. crude inventories, commercial tanks plus the Strategic Petroleum Reserve, fell to 711.8 million barrels in the week ended July 31, the lowest reading since 1984. The reserve is the reason. At 304.8 million barrels it now holds less than half its peak, after roughly 108 million barrels were released following the closure of the Strait of Hormuz in late February. Commercial stocks actually built that week, which is what makes the combined line the one to watch: government barrels have been filling the gap. The cushion available for any future disruption is now the thinnest in four decades.
Data through the week ended July 31, 2026 (EIA release August 5, 2026).
Source: The Daily Shot; U.S. Energy Information Administration