US Crude Stocks Fall 2.8 Million Barrels as SPR Drops 9.1 Million
Updated
Updated · OilPrice.com · May 27
US Crude Stocks Fall 2.8 Million Barrels as SPR Drops 9.1 Million
7 articles · Updated · OilPrice.com · May 27
API estimated US crude inventories fell 2.8 million barrels in the week ended May 22, while gasoline stocks dropped 3.199 million barrels.
The SPR shed another 9.1 million barrels to 365.1 million—the lowest since April 2024—as the government continued drawing reserves to ease price pressure.
Cushing inventories fell 2.875 million barrels and distillate stocks rose 1.1 million barrels after a 1 million-barrel draw the previous week.
EIA data showed US oil output edged down to 13.702 million bpd from 13.710 million, though production remained 310,000 bpd above a year earlier.
Despite the inventory draws, Brent traded near $95.46 and WTI near $89.66 before the release, both down sharply on the day and far below last week’s levels.
Why are oil prices falling despite a massive supply crisis and dwindling emergency reserves?
With crude prices dropping, why are experts warning that gasoline prices will stay high?
Is draining the world's emergency oil reserves a sustainable solution to the deepening supply crisis?