US Crude Inventories Extend Decline

US crude oil inventories fell by 2.8 million barrels in the week ending May 22, 2026, according to the American Petroleum Institute, following a 9.1 million-barrel draw in the previous week. Inventories in the US Strategic Petroleum Reserve continued to decline as authorities sought to ease pressure on oil prices. Gasoline inventories dropped by 3.2 million barrels after falling 5.8 million barrels in the prior week. At Cushing, Oklahoma, the WTI delivery hub, inventories declined by 2.9 million barrels, extending the previous week’s 1.4 million-barrel draw. Meanwhile, distillate inventories rose by 1.1 million barrels after a 1 million-barrel decline in the previous period. Despite recent draws, US crude inventories have increased by 22 million barrels so far this year, according to API data.

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.