US crude oil inventories declined by 3.327 million barrels in the week ended May 22, slightly less than the expected draw of 4 million barrels. Stocks at the Cushing, Oklahoma delivery hub fell by 2.794 million barrels, the largest weekly decrease since August 2023. Refinery activity strengthened, with crude runs increasing by 652,000 barrels per day.
Gasoline inventories dropped by 2.572 million barrels, exceeding expectations for a 2.4 million barrel decline. Distillate stocks, which include diesel and heating oil, decreased by 2.107 million barrels, more than double the anticipated 1 million barrel draw. Net US crude imports rose by 360,000 barrels per day over the week.
