US crude oil inventories declined in the week ended May 8, extending losses for a third consecutive week, according to data released Wednesday by the Energy Information Administration (EIA), falling more than expected, compared with forecasts pointing to a decrease of 2.3 million barrels.
US Crude Derivatives Inventories (mln barrels)
Item
Last Year
Last Week
Current
Weekly Change
Crude Oil
441.8
457.2
452.9
(4.3)
Gasoline
224.7
219.8
215.7
(4.1)
Distillates
103.6
102.3
102.5
+0.2
The data points to rising fuel demand in the United States ahead of the summer travel season, which the IEA has warned could see oil price spikes amid supply concerns stemming from the war in the Middle East.
US crude oil inventories declined in the week ended May 8, extending losses for a third consecutive week, according to data released Wednesday by the Energy Information Administration (EIA), falling more than expected, compared with forecasts pointing to a decrease of 2.3 million barrels.
US Crude Derivatives Inventories (mln barrels)
Item
Last Year
Last Week
Current
Weekly Change
Crude Oil
441.8
457.2
452.9
(4.3)
Gasoline
224.7
219.8
215.7
(4.1)
Distillates
103.6
102.3
102.5
+0.2
The data points to rising fuel demand in the United States ahead of the summer travel season, which the IEA has warned could see oil price spikes amid supply concerns stemming from the war in the Middle East.
