U.S. crude oil inventories declined by 3.3 million barrels for the week ending May 30, according to estimates from the American Petroleum Institute (API). The reported draw was significantly larger than analysts’ expectations of a 900,000-barrel drop. This follows a 4.236 million barrel decrease the previous week.
Based on API data, crude inventories have increased by more than 18 million barrels so far this year, according to calculations by Oilprice.
Separately, the U.S. Department of Energy reported a 500,000-barrel rise in the Strategic Petroleum Reserve (SPR), bringing total SPR stockpiles to 401.8 million barrels. Although this marks progress in replenishment, current levels remain well below pre-withdrawal volumes under the Biden administration.
Crude oil prices climbed on the news. As of 4:55 p.m. ET, Brent crude was up $1.03, or 1.59%, trading at $65.66 per barrel. That’s over a dollar higher than the same time last week. West Texas Intermediate (WTI) also rose, gaining $0.90, or 1.44%, to reach $63.42—a nearly $2 weekly increase.
Meanwhile, gasoline inventories saw a sharp rise of 4.7 million barrels in the same week. This rebound follows a 528,000-barrel decline the week before. Despite the increase, gasoline stocks remain 3% below the five-year average for this time of year, according to the U.S. Energy Information Administration (EIA).
Distillate inventories also increased, rising by 760,000 barrels. This adds to the 1.295 million barrel gain reported the previous week. However, distillate stocks are still 17% below the five-year seasonal average, as of May 23, according to the EIA.
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