Inventory changes and ongoing geopolitical risk can shift crude benchmarks and near-term energy pricing, which typically influences earnings expectations and sentiment for major oil producers/refiners like Exxon, though the news is not company-specific and prices in the article are mixed (WTI/Brent slightly down).
US Crude Inventories Decline by 1. 7 Million Barrels as Middle East Tensions Keep Oil Markets on Edge Fiona Craig Sat, July 18, 2026 at 5:07 PM GMT+2 2 min read CL=F Oil barrels ©Adobe Stock Images Crude oil inventories in the United States fell by 1. 7 million barrels during the week ending July 10, according to the latest figures from the U.
S. Energy Information Administration (EIA). Commercial crude stockpiles now stand at 409.
7 million barrels, leaving inventories 6% below the five-year seasonal average despite ongoing uncertainty in global energy markets. The latest government data followed the American Petroleum Institute's (API) report released a day earlier, which estimated a more modest crude inventory draw of 564,000 barrels over the same reporting period. Oil Prices Ease Despite Escalating US-Iran Tensions Oil prices moved lower in Wednesday morning trading even as geopolitical tensions between the United States and Iran intensified.
At 10:45 a. m. in New York, Brent crude was trading at $84.
08 per barrel, down $0. 65 (0. 77%) on the day, although it remained approximately $7 per barrel higher than the same time a week earlier.
West Texas Intermediate (WTI) also edged lower, slipping $0. 21 (0. 26%) to $79.
13 per barrel. Gasoline Stocks Shrink While Distillate Inventories Rise The EIA reported that U. S.
gasoline inventories declined by 1. 5 million barrels, following the previous week's draw of 1. 9 million barrels.
Average gasoline production also eased, falling to 9. 6 million barrels per day. Meanwhile, middle distillate inventories increased by 4.
6 million barrels, with daily production averaging 5. 3 million barrels. Even after the latest build, distillate inventories remain 11% below the five-year average for this time of year.
US Fuel Demand Holds Steady The report showed that total products supplied, a commonly used indicator of U. S. petroleum demand, averaged 20.
3 million barrels per day over the past four weeks, representing a 0. 3% increase compared with the same period last year. Over the same four-week period, gasoline supplied averaged 8.
9 million barrels per day, while distillate demand averaged 3. 7 million barrels per day, down 2. 1% from a year earlier.
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