US commercial crude oil inventories plunged by 8 million barrels in a single week, landing at 434 million barrels for the week ending June 1, 2026. That’s the lowest level in more than two decades, and it’s roughly 3% below the five-year average.
The drop was more than double what analysts had forecast. A Wall Street Journal survey had projected a drawdown of just 3.3 million barrels.
Where the barrels went
Two forces are driving the drain: robust export demand from Gulf Coast terminals and sustained refinery activity that keeps consuming domestic supply.
The Cushing hub in Oklahoma, the physical delivery point for West Texas Intermediate futures contracts, saw its own inventories fall to 22.4 million barrels. That’s the lowest level at Cushing since December 2025.
