13.05.202614:41:48UTC+00US Crude Oil Inventories Fall More than Expected

US crude oil inventories fell by 4.306 million barrels to 452.9 million barrels in the week ended May 8, significantly exceeding expectations for a 2.1 million barrel draw. Stocks at the Cushing, Oklahoma delivery hub declined by 1.702 million barrels.

Refinery activity strengthened, with crude runs increasing by 370,000 barrels per day and utilisation rates rising by 0.5 percentage points.

Gasoline inventories decreased by 4.084 million barrels to 215.7 million barrels, a larger draw than the forecast 2.85 million barrel decline. By contrast, distillate stocks—including diesel and heating oil—edged up by 0.190 million barrels to 102.5 million barrels, defying expectations for a 2.83 million barrel reduction.

Net US crude imports fell by 318,000 barrels per day over the week.