US Crude Stocks Hit 2004 Low as Exports Surge to Record Highs

U.S. commercial and SPR inventories plunged to 1.573 billion barrels, the lowest since 2004, after a 10.6-million-barrel weekly draw and record exports of 5.8 million bpd. The drawdown stems from sustained SPR releases and surging shipments that replaced Middle East supplies disrupted by the Iran conflict and Hormuz closure. Indian imports from Venezuela jumped 51% to 427,000 bpd as buyers diversify, while China drew down nearly one billion barrels of reserves. WTI prices have climbed above $94 amid the tightening market.