The U.S. Energy Information Administration (EIA) reported that crude oil inventories fell by 7.9 million barrels in the week ending May 15, leaving total U.S. crude stockpiles at 445.0 million barrels. The reduction was larger than the 2.9 million-barrel decrease expected in a Reuters poll of analysts.
Key storage at the Cushing, Oklahoma delivery hub saw a decline, with stocks there falling by 1.6 million barrels during the same reporting week. At the same time, net U.S. crude imports edged higher by 3,000 barrels per day.
Refinery activity eased over the period. Refinery crude runs decreased by 80,000 barrels per day and refinery utilization rates fell by 0.1 percentage points to 91.6%.
Refined product inventories moved unevenly. U.S. gasoline stocks decreased by 1.5 million barrels to 214.2 million barrels, a change the EIA noted as reflecting continued demand for motor fuel. By contrast, distillate fuel inventories - which include diesel and heating oil - rose by 0.4 million barrels to reach 102.9 million barrels. That increase ran counter to expectations, where analysts had forecast a 1.1 million-barrel draw.
The weekly EIA release therefore showed a larger-than-expected crude draw alongside lower refinery throughput and mixed movements in product inventories. Gasoline fell, indicating sustained motor fuel consumption, while distillates recorded a modest build despite forecasts pointing to a decline.
The data points reported by the EIA for the week ending May 15 are limited to the figures released and to the comparisons cited by market analysts. The agency's numbers provide the latest official snapshot of U.S. petroleum stocks, refinery use and import flows for that reporting period.
Data recap
- Crude inventories: down 7.9 million barrels to 445.0 million barrels
- Cushing stocks: down 1.6 million barrels
- Net crude imports: up 3,000 barrels per day
- Refinery runs: down 80,000 barrels per day
- Refinery utilization: down 0.1 percentage points to 91.6%
- Gasoline stocks: down 1.5 million barrels to 214.2 million barrels
- Distillate stocks: up 0.4 million barrels to 102.9 million barrels (vs. an expected 1.1 million-barrel drop)