Data released by the US EIA showed a decline in crude oil inventories in the US for the week ending July 10.
Crude oil futures traded marginally lower on Thursday morning despite US strikes on targets in Iran.At 9.32 am on Thursday, September Brent oil futures were at $84.79, down by 0.19 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $79.57, up by 0.04 per cent. August crude oil futures were trading at ₹7,657 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹7,610, up by 0.62 per cent.In a post on X, US Central Command said the US forces struck Iranian command centres, air defence sites, missile and drone capabilities, and coastal surveillance facilities to further degrade Iran’s ability to threaten innocent mariners crewing commercial vessels transiting the Strait of Hormuz. The forces used precision munitions to hit targets in multiple locations, including Bandar Abbas. It also said that American forces struck coastal defence and cruise missile sites on Greater Tunb Island during a 90-minute wave.In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf. Tanker traffic through the Strait of Hormuz remains depressed, with crossings still under clear pressure.“The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable. In addition, global SPR (strategic petroleum reserve) releases, which have helped the market out over recent months, are set to end in the next few weeks,” they said.US crude inventories dipMeanwhile, data released by the US EIA (Energy Information Administration) showed a decline in crude oil inventories in the US for the week ending July 10.According to EIA, US commercial crude oil inventories decreased by 1.7 million barrels for the week ending July 10. At 409.7 million barrels, US crude oil inventories were about 6 per cent below the five-year average for this time of year.Total motor gasoline inventories decreased by 1.5 million barrels from last week and were 8 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 4.6 million barrels last week and were about 11 per cent below the five-year average for this time of year.Total products supplied in the US over the last four-week period averaged 20.3 million barrels per day, up by 0.3 per cent from the same period last year.Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, down by 1.1 per cent from the same period last year.Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 2.1 per cent from the same period last year. Jet fuel product supplied was up 2.3 per cent compared with the same four-week period last year.Published on July 16, 2026
