US crude oil inventories fell by 2.19 million barrels in the week ended May 8, 2026, marking a fourth consecutive weekly decline and exceeding market expectations for a 1.65 million-barrel draw, according to data from the American Petroleum Institute (API).
Gasoline inventories unexpectedly rose by 0.50 million barrels—the first increase in four weeks—following a sharp 6.1 million-barrel drop in the previous week. Prior to this build, the latest EIA data showed gasoline stockpiles already standing 4% below the five-year seasonal average.
Distillate inventories, which include diesel and heating oil, fell by 0.32 million barrels, extending their losing streak to six consecutive weeks. As of the previous week, distillate stockpiles were running 11% below the five-year average.
Data for Cushing inventories—the stockpiles at the WTI crude futures delivery hub—were not yet available.
