US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On - Crude Oil Prices Today | OilPrice.com

What the report says

OilPrice.com reported that the American Petroleum Institute estimated a 2.603 million-barrel increase in U.S. crude inventories for the week ending July 17, reversing a 564,000-barrel draw in the prior week. The July 21 report, written by Julianne Geiger, came as oil markets were also responding to continued shipping concerns around the Strait of Hormuz and renewed U.S.-Iran tensions.

According to OilPrice.com’s summary of API figures, commercial crude stocks excluding the Strategic Petroleum Reserve had dropped by just over 57 million barrels across the previous 13 weeks, though total crude inventories were down only about 7 million barrels for the year. The report said another 5.1 million barrels were drawn from the SPR in the week ending July 17, lowering the reserve to 316.5 million barrels, which it described as the lowest level in more than 43 years and well below full capacity.

The article also cited U.S. production data for the week ending July 10, putting output at 13.861 million barrels per day, marginally higher than the previous week and 486,000 barrels per day above the year-earlier level. OilPrice.com said gasoline inventories fell by 1.379 million barrels in the same July 17 week.

Market prices were higher around the time of publication, with Brent quoted at $91.36, up 2.40%, and WTI at $84.51, up 2.46%. The reported inventory build matters because crude stock changes, SPR withdrawals and geopolitical risks can all shape expectations for supply availability, refinery demand and price volatility. API data is typically treated as an early industry estimate, with official U.S. government inventory data often used for confirmation.