U.S. Crude Oil Stockpiles Post Sixth Straight Weekly Drop

Dow Jones06-03 22:56

By Anthony Harrup

U.S. crude oil inventories extended their decline to six weeks as exports rose and refineries ran near full capacity, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 8 million barrels to 433.7 million barrels in the week ended May 29 and were about 3% below the five-year average for the time of year, the EIA said. Crude stocks were seen falling by 3.3 million barrels in a Wall Street Journal survey of analysts.

Oil stored in the SPR fell by 8 million barrels to 357.1 million barrels on continued emergency releases. Oil stocks at Cushing, Okla., the Nymex delivery hub, were down by 583,000 barrels at 22.4 million barrels.

U.S. crude oil production was steady at 13.7 million barrels a day. Crude oil imports rose by 1.2 million barrels a day to 6.4 million barrels a day, and exports increased by 1.4 million barrels a day to 5.9 million barrels a day.

Refinery capacity use rose by a fifth of a percentage point to 94.7%, with crude input to refineries down by 90,000 barrels a day at 16.9 million barrels a day. Refinery runs were forecast to have risen by 0.3 of a percentage point in the Journal survey.

Gasoline inventories snapped a string of 15 straight weekly declines, rising by 3.4 million barrels to 215 million barrels and were 5% below the five-year average for the time of year. Gasoline demand fell by 662,000 barrels a day to 8.6 million barrels a day. Gasoline stocks were expected to have fallen by 600,000 barrels.

Distillate fuel stocks rose by 1.5 million barrels to 102.3 million barrels versus expectations of an 800,000 barrel decline. Distillate demand fell by 480,000 barrels a day to 3.5 million barrels a day.

 
Change in U.S. oil inventories for the week ended May 29: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -0.8           3.4            1.5                 0.2 
Forecast:          -3.3          -0.6           -0.8                 0.3

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

June 03, 2026 10:56 ET (14:56 GMT)

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U.S. Crude Oil Stockpiles Post Sixth Straight Weekly Drop

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