Three Saudi ships move through Strait of Hormuz
June 18, 2026
The DOE inventory report had crude oil inventories down 8.26 million barrels, gasoline supplies down 910,000 barrels and distillate up 950,000 barrels.
Total US crude oil supplies are at 418.222 million barrels, last year 420.942 and the 3-year average is 447.113. US crude production remains strong at over the 13 million bpd.
Total gasoline supplies are now at 214.235 and last year there were 230.013, and the 3-year average is 227.549.
Total distillates are now at 103.052 million barrels and last year they were 109.398, and the 3-year average is 115.019.
Propane supplies were up 2.969 million barrels, putting total stocks at 87.429 and last year there were 67.523 and the 5-year average is 65.480. Propane production sits at 2.914 million barrels per day. Exports were still strong at 1.995 million bpd but off recent all-time highs.
Reports said that three Saudi tankers carrying 6 million barrels of crude oil have moved through the Strait of Hormuz immediately after the US and Iran signed the Memorandum of Understanding two days earlier than planned. Other ships were said to be turning on transponders and preparing to move through the strait. Optimism is high right now. I have seen commentaries raising concerns about two of the 14 points in the MOU and how they will be worked out. There will be plenty of chatter about all this in the coming days and weeks.