SPR Crude Releases Wipe Out Prior Build; Refinery Runs Blunt Products Draw’s Bullish Signal for Crude

US Inventories, Exports, Imports, and Refinery Utilization (12 Charts).

June 10, 2026

US commercial crude inventories fell 7.2 mb to 426.5 mb, remaining within the five-year average and above the danger zone. The SPR dropped sharply to levels near Biden-era lows. Product inventories are below the five-year range, while refinery utilization rose to 95.3% and demand increased.

Despite these large draws and record exports, WTI stayed around $90/b. The global supply-demand gap is smaller than Hormuz headline supply losses due to significant demand decline. Inventory draws were widely anticipated since early March. Additional untracked supply from Hormuz “leakage” is also flowing into the market. With U.S. refineries already running near maximum capacity, tighter product stocks are unlikely to drive crude prices significantly higher.

Note that the recent SPR withdrawals of 66.25 mb have almost entirely offset the 66.64 mb that were added earlier.