U.S. crude inventories plunge near Cushing floor

U.S. crude oil inventories have been declining sharply, with the United States — Energy Information Administration reporting a 7.2 million barrel drop for the week ended June 5 and an 8.3 million barrel plunge for the week ended June 12, both much larger than expected. United States — Cushing, Oklahoma storage levels have fallen to within 2 million barrels of the operational floor, driven by global supply disruptions from the Middle East conflict boosting U.S. exports and refinery runs. Wood Mackenzie warns that if draws persist, Cushing could hit the floor within one to two weeks, potentially limiting the U.S. export response. The Strategic Petroleum Reserve has been releasing crude into Gulf Coast markets, but commercial inventories continue to tighten.