US Crude Inventories Fall Quickly, But Still Up This Year
US Crude Inventories Fall Quickly, But Still Up This Year Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.1 million barrels in the week ending May 15.
In the week prior, US crude oil inventories fell by 2.188 million barrels.
Analysts had expected a 3.4 million-barrel draw for the current reporting period.
US crude inventories have risen by 26 million barrels so far this year, according to API data.
Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices.
For week ending May 15, 9.9 million barrels left the SPR, bringing the new total to374.2 million barrels—the largest single-week drawdown in history and the lowest level since July 2024 and 351 million barrels shy of maximum capacity.
US production rose to13.710 million bpdfor the week ending May 8, up from 13.573 million bpd in the week prior, according to the latest EIA data, and up 323,000 bpd from a year earlier.
At 3:26 pm ET on Tuesday, before data release,Brent crudewas trading down on the day at $111.10 (-0.87%) after US President Donald Trump paused plans to attack Iran.
This is still up $2 week over week.WTIwas also trading down on the day, by $0.19 per barrel (-0.18%) at $104.20, but up roughly $2 per barrel week over week.
Gasoline inventories saw a draw this week of 5.8 million barrels in the week ending May 15.
In the week prior, gasoline inventories grew by 502,000 barrels.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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