US Crude Oil Inventories Post Surprise Draw

US crude oil inventories fell by 9.10 million barrels in the week ended May 15, 2026, according to the American Petroleum Institute, sharply exceeding expectations for a 3.4 million-barrel draw and following a 2.19 million-barrel decline in the previous week. Despite the weekly draw, total crude stocks are still up 26 million barrels year-to-date. Gasoline inventories dropped by 5.80 million barrels after a 0.50 million-barrel build in the prior week, while distillate inventories fell by 1.00 million barrels, extending recent declines amid already tight seasonal levels. Cushing inventories, the WTI delivery hub, decreased by 1.40 million barrels over the reporting period. The US Strategic Petroleum Reserve recorded a record weekly drawdown of 9.90 million barrels, bringing total SPR stocks to 374.2 million barrels, the lowest since July 2024.

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, fell by 1.75 million barrels, after a 1 million drop in the previous period.

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.