US Crude Oil Inventories Fall for 17th Straight Week to Lowest Level Since 1984

According to Boursenews, reporting Saturday, 17 Mordad 1405 (August 8, 2026) based on US Energy Information Administration (EIA) data, US crude oil inventories fell for a 17th consecutive week, the longest streak of weekly declines on record, surpassing the previous record of 16 consecutive weeks set in 2021. Since early April 2026, total US crude inventories have dropped by about 166 million barrels to roughly 712 million barrels, the lowest level recorded since March 1984. A significant share of the decline came from the Strategic Petroleum Reserve (SPR), which has fallen by about 111 million barrels since March to 305 million barrels, a level unseen since February 1983. Even excluding strategic reserves, US crude stocks have declined for 10 consecutive weeks, matching a record set in 2018.