US Crude Stocks Fall 3.8MM Barrels as Refinery Runs Climb
According to Rigzone, the U.S. Energy Information Administration’s latest weekly petroleum status report shows commercial crude oil inventories fell 3.8 million barrels to 408.4 million barrels for the week ending June 26, about 7% below the five-year average. Refinery inputs averaged 17.2 million barrels per day with refineries running at 96.6% of operable capacity, while crude imports dropped to 5.3 million barrels per day, down 291,000 barrels per day week over week.
What It Means for Subcontractors
- High refinery utilization (96.6%) signals steady maintenance and turnaround work for contractors serving Gulf Coast refining hubs.
- Below-average crude and gasoline stocks point to tight supply conditions that often keep upstream activity, and related field service demand, elevated.
- Falling imports and draws on inventory can add price volatility, which operators may factor into near-term drilling and completion budgets that affect subcontractor scheduling.
