The Energy Information Administration reported Wednesday that U.S. crude oil inventories fell by 8 million barrels during the week ended May 29, leaving total crude stocks at 433.7 million barrels. The reduction was larger than analysts had forecast, with market estimates anticipating a 4 million-barrel decline.
Inventories at the Cushing, Oklahoma delivery hub, a key storage and pricing point, decreased by 583,000 barrels over the same period, the EIA said.
Meanwhile, gasoline inventories climbed by 3.4 million barrels to reach 215 million barrels, reversing expectations for a small draw. Analysts had been expecting gasoline stocks to fall by about 0.5 million barrels for the week.
Distillate fuel stocks, which include diesel and heating oil, increased by 1.5 million barrels to 102.3 million barrels. This outcome contrasted with expectations for a slight draw of 0.3 million barrels.
On the processing side, refinery crude runs fell by 90,000 barrels per day in the reported week. At the same time, refinery utilization rates edged up by 0.2 percentage points to 94.7%.
The EIA also reported that net U.S. crude imports declined by 249,000 barrels per day last week.
Context and implications
The weekly EIA dataset showed a larger-than-expected draw in crude inventories while refined product stocks moved in the opposite direction to forecasts. The reported changes in refinery activity and net import flows provide a snapshot of crude supply, processing, and product availability for the week ending May 29.
Data breakdown (week ended May 29)
- Crude oil inventories: down 8.0 million barrels to 433.7 million barrels.
- Cushing crude stocks: down 583,000 barrels.
- Gasoline inventories: up 3.4 million barrels to 215.0 million barrels.
- Distillate inventories: up 1.5 million barrels to 102.3 million barrels.
- Refinery crude runs: down 90,000 barrels per day.
- Refinery utilization: up 0.2 percentage points to 94.7%.
- Net U.S. crude imports: down 249,000 barrels per day.