US Crude Stocks Drop 7.9 Million Barrels as Gasoline Inventories Fall 1.5 Million
Updated
Updated · OilPrice.com · May 20
US Crude Stocks Drop 7.9 Million Barrels as Gasoline Inventories Fall 1.5 Million
2 articles · Updated · OilPrice.com · May 20
U.S. commercial crude inventories fell 7.9 million barrels in the week ended May 15, leaving stockpiles at 445.0 million barrels, 2% below the five-year seasonal average.
EIA data also showed gasoline inventories down 1.5 million barrels after a 4.1 million-barrel drop the prior week, while gasoline production eased to 9.3 million barrels per day.
Distillate inventories rose 400,000 barrels and output increased to 5.0 million barrels per day, but distillate stocks remained 9% below the five-year average.
Demand indicators stayed firm: total products supplied averaged 20.2 million barrels per day over four weeks, up 3.1% from a year earlier, with gasoline demand at 8.9 million barrels per day.
Oil prices slipped despite the inventory draw, with Brent at $108.90 and WTI at $102 in early New York trade after Donald Trump said the U.S. would end the war "very quickly."
Did massive inventory draws or a presidential promise truly drive the recent dip in oil prices?
With its largest-ever strategic reserve draw, is the U.S. signaling a new and deeper energy crisis?
As Midwest fuel prices surge, will the rest of the country face a similar supply crunch this summer?