U.S. crude oil inventories fell for the ninth straight week, dropping 6.1 million barrels to 412.1 million barrels in the week ended June 19. The decline outpaced the 4.1 million‑barrel drop analysts had forecast, pushing stocks about 7% below the five‑year seasonal average. The pullback comes as the Strategic Petroleum Reserve held 331.2 million barrels. The draw reflects continuing producer discipline amid weaker demand.

At Cushing, Oklahoma, the NYMEX delivery hub, crude stocks slipped another 1.1 million barrels to 19 million, tightening the physical market. The Energy Information Administration estimated daily production at 13.8 million barrels, a modest 13,000‑barrel rise, while imports rose 436,000 barrels to 5.6 million and exports climbed 342,000 to 4.7 million. These figures tighten the supply‑demand view for traders.

Analysts see the inventory draw as a bullish signal for WTI futures, especially as product stocks—gasoline and distillate—registered gains, indicating strong demand for refined fuels. With the Department of Energy releasing an extra 9.1 million barrels of emergency SPR supply, the market balances between tight crude supplies and ample refined product inventories, keeping volatility high. Investors will watch upcoming OPEC+ decisions for further direction.