US Crude Oil Inventories Fall Less than Expected

US crude inventories fell by 3.327 million barrels in the week ended May 22, compared with expectations for a 4 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 2.794 million barrels, the most since August 2023. Refinery activity increased, with crude runs rising by 652,000 barrels per day. Gasoline inventories dropped by 2.572 million barrels exceeding forecasts for a 2.4 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 2.107 million barrels, versus expectations for a 1 million barrel draw. Net US crude imports frose by 360 thousand barrels per day over the week.

Crude oil inventory in the United States sank by 7.9 million barrels in the week ending May 15th to 445 million barrels, well above expectations of a 2.9 million draw, according to data from the Energy Information Administration. The reduction was combined with a 9.9 million barrel draw of the governments Strategic Petroleum Reserve, which are now 6.6% below comparable levels from the previous year as the Department of Energy mitigates the slump in global energy supply since the start of the war in Iran in March. In the meantime, gasoline stocks fell by 1.5 million barrels, and stocks of diesel inched marginally higher.

US crude inventories fell by 4.306 million barrels to 452.9 million barrels in the week ended May 8, compared with expectations for a 2.1 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 1.702 million barrels. Refinery activity increased, with crude runs rising by 370,000 barrels per day and utilisation rates up 0.5 percentage points. Gasoline inventories dropped by 4.084 million barrels to 215.7 million, exceeding forecasts for a 2.85 million barrel decline. Distillate stocks, including diesel and heating oil, rose by 0.190 million barrels to 102.5 million, versus expectations for a 2.83 million barrel draw. Net US crude imports fell by 318 thousand barrels per day over the week.