US commercial crude oil inventories have experienced a significant decline, dropping by 6.1 million barrels over the week. According to the latest statistical report from the US Department of Energy, as of June 19, commercial reserves in the country fell to 412.1 million barrels. This figure is 7% below the five-year average for this time of year, indicating sustained high consumption within the US economy despite ongoing stabilization efforts.

An even more pronounced decrease is observed in strategic reserves. The US Strategic Petroleum Reserve decreased by approximately 9 million barrels during the reporting week, bringing the total down to 331.2 million barrels. This level represents an all-time low for the US strategic reserve since 1983. As a result of the rapid depletion of storage, the combined total of crude oil reserves in the country, including both commercial and strategic reserves, has fallen to 743.3 million barrels, marking the lowest volume since the fall of 1984.

Amid this backdrop, the downtrend continues in global markets, with the price of North Sea benchmark Brent oil already dropping to $74 per barrel. Noted investment banker Evgeny Kogan believes that the current decline in hydrocarbon prices is primarily emotional, driven by traders’ short-term reactions to geopolitical developments. He suggests that if global demand for energy resources fully recovers, the current limited reserves will not be sufficient to quickly compensate for shortfalls from recent months, thereby ensuring that oil prices remain stable at their current levels.