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 roughly 3% below the five-year average. The drop was more than double what analysts had forecast.
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 delivery point for West Texas Intermediate futures, saw its own inventories fall to 22.4 million barrels, the lowest since December 2025. Combined commercial stocks and Strategic Petroleum Reserve holdings have now declined for ten consecutive weeks, reaching their lowest combined level in over 20 years. The SPR itself has dropped to 357 million barrels, a 28-month low. At full capacity, the reserve holds 714 million barrels; the US emergency oil cushion is now at about half its designed capacity.
Despite the dramatic headline numbers, analysts say 434 million barrels of commercial inventory is not a crisis threshold. Historical data shows dips below 430 million barrels haven’t triggered significant supply disruptions. However, the combination of depleted commercial stocks and a half-full SPR means the US has less flexibility to respond to supply shocks. For traders, the key signal is the Cushing hub inventory level-at 22.4 million barrels, further declines could introduce significant volatility in WTI futures pricing.