EIA Data Showing US Crude Oil, Gasoline Inventories Sinking Fast

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Crude oil inventories in the United States decreased by 7.9 million barrels during the week ending May 15, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 445.0 million barrels, according to government data, which is now 2% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 9.1 million barrels in the period.

Crude prices saw some relief on Wednesday following a statement by US President Donald Trump, indicating that the US would end the war “very quickly”. At 9:47 a.m. in New York, Brent was trading at $108.90 per barrel—down $2.41 (-2.17%) on the day, but up roughly $1 per barrel from this time last week. WTI was also trading down on the day, by $2.14 per barrel (-2.05%) in early morning trade at $102, down roughly $0.50 per barrel week over week.

For total motor gasoline, the EIA reported that inventories had decreased by 1.5 million barrels after sinking by 4.1 million barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.3 million barrels. For middle distillates, inventories increased by 400,000 barrels with production increasing to an average of 5.0 million barrels daily. Distillate inventories are now 9% below the five-year average.

Total products supplied—a proxy for U.S. oil demand—rose to an average of 20.2 million barrels per day over the last four weeks, up 3.1% compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.6 million barrels—up 1.4% percent year over year.

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