US Crude Inventories Reportedly Fell More Than Expected in Latest Week

US Crude Inventories Reportedly Fell More Than Expected in Latest Week

US crude oil inventories reportedly declined by 4.306 million barrels during the week ended May 8, 2026, falling to 452.9 million barrels, according to data released by the U.S. Energy Information Administration (EIA). The decline was larger than market expectations, which had pointed to a draw of around 2.1 million barrels. The latest figures were seen as a possible indication of firm refinery demand and tighter supply conditions in the domestic energy market.

Stocks at the Cushing, Oklahoma delivery hub reportedly decreased by 1.702 million barrels over the same period. Refinery activity also strengthened, with crude oil runs increasing by approximately 370,000 barrels per day, while refinery utilization rates rose by 0.5 percentage points. Analysts suggested that higher refinery throughput may have contributed to the larger-than-expected decline in crude inventories. Meanwhile, net US crude imports reportedly fell by 318,000 barrels per day during the week, further supporting the drawdown in stockpiles.

Gasoline inventories also posted a notable decline, falling by 4.084 million barrels to 215.7 million barrels. The drop exceeded expectations for a 2.85 million barrel decrease and was viewed as a potential sign of resilient fuel demand heading into the seasonal driving period. In contrast, distillate inventories, which include diesel and heating oil, unexpectedly rose by 190,000 barrels to 102.5 million barrels. Markets had anticipated a significantly larger draw of approximately 2.83 million barrels in that category, highlighting uneven trends across refined fuel products.

Historical data indicated that US crude oil stock changes had averaged around 0.09 million barrels since 1982. The EIA data also showed that crude inventory changes had experienced considerable volatility over the decades, reaching a record increase of 21.56 million barrels in February 2021 and a record decline of 17.05 million barrels in July 2023. Market observers reportedly continued monitoring inventory trends closely for signals regarding supply-demand balances and the broader outlook for global oil prices.