US crude oil inventories decreased by 2.8 million barrels in the week ending May 22, 2026, according to data from the American Petroleum Institute (API), following a substantial draw of 9.1 million barrels the previous week. Stocks in the US Strategic Petroleum Reserve continued to decline as authorities moved to alleviate upward pressure on oil prices.
Gasoline inventories fell by 3.2 million barrels, extending a 5.8 million-barrel draw recorded in the prior week. At Cushing, Oklahoma—the delivery point for WTI futures—crude stockpiles dropped by 2.9 million barrels, deepening the previous week’s 1.4 million-barrel decline.
In contrast, distillate inventories rose by 1.1 million barrels, reversing a 1 million-barrel draw in the preceding week. Despite the recent weekly declines, US crude inventories have still increased by a net 22 million barrels so far this year, based on API figures.
