US Crude Oil Inventories Drop the Most Since August 2023

US crude oil inventories fell by 2.19 million barrels in the week ended May 8, 2026, marking a fourth straight weekly decline and surpassing expectations for a 1.65 million-barrel draw, according to the American Petroleum Institute. Gasoline inventories unexpectedly increased by 0.50 million barrels, the first build in four weeks, after a sharp 6.1 million-barrel decline in the previous week. According to the latest EIA data, gasoline stockpiles were already 4% below the five-year seasonal average as of last week. Distillate inventories, which include diesel and heating oil, declined by 0.32 million barrels, extending their downward streak to six consecutive weeks. Distillate stockpiles were also running 11% below the five-year average as of the previous week. Meanwhile, Cushing inventories, the stockpiles held at the delivery hub for WTI crude futures, were not yet available.

US crude oil inventories fell by 8.1 million barrels in the week ended May 1st, 2026, marking a third consecutive weekly decline and the largest draw in around three months, according to the American Petroleum Institute. The drop far exceeded expectations for a 2.8 million-barrel decline. Gasoline inventories decreased by 6.1 million barrels, following an 8.47 million-barrel draw the previous week, which had been the largest since March 2021. Distillate stockpiles, including diesel and heating oil, fell by 4.6 million barrels, extending their run of declines to five weeks. Meanwhile, inventories at Cushing declined by 1 million barrels, after falling by 0.82 million barrels in the prior week.

Crude oil inventories in the US fell by 1.79 million barrels in the week ended April 24, 2026, defying expectations of a 0.3 million barrel increase and continuing the 4.4 million barrel decline in the previous week, according to the American Petroleum Institute. Gasoline inventories fell by 8.47 million barrels, after declining by 5.165 million barrels last week. Distillate stockpiles, which include diesel and heating oil, decreased by 2.60 million barrels, following a 4.59 million barrel drop in the prior week. Cushing inventories fell by 0.82 million barrels.