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Crude inventories held by OECD member countries fell in May to the lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Middle East war.
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Cushing, Oklahoma, Middle East
Who
Tickmill market strategist Patrick Munnelly, oil industry experts, shipping companies, International Energy Agency, Tamas Varga
What
Crude inventories held by OECD member countries fell in May to the lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Middle East war.
When
Wed, 17 Jun 2026 14:41:15 GMT · 4h 17m ago
Where
Cushing, Oklahoma, Middle East ·
Why
The decline in crude inventories is due to governments drawing down stocks to offset blocked Gulf crude shipments during the Middle East war, with additional selling pressure from other factors.
The Frontline Impact
How this affects you
A significant drop in crude inventories, particularly at Cushing to 'tank bottoms', indicates potential supply constraints and operational difficulties for the hub. This, combined with a large Strategic Petroleum Reserve drawdown, reflects ongoing global oil supply challenges and a recalibration of the oil market balance.
Story chain
2 events in this thread- Currently Reading4h 17m agoCrude inventories held by OECD member countries fell in May to the lowest level since 1990 as governments drew down stocks to offset the blockage of Gulf crude shipments during the Middle East war.
- Markets4h 17m agoCushing, Oklahoma, crude oil stockpiles declined for the eighth straight week to just above 20 million barrels, the lowest level for this time of year since 2005 and near 'tank bottoms'.Open article