Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

U.S. crude stocks plunged 12.5M barrels last week - EIA 

Published 05/24/2023, 10:55 AM
Updated 05/24/2023, 10:55 AM
© Reuters. -- U.S. crude stockpiles plunged by almost 12.5 million barrels last week, multifold to expectations, and fuel demand overshot forecasts too, the government agency responsible said on Wednesday as oil bulls bet on higher demand in the run-up to summer road, air and seaborne travel.

The U.S. crude inventory balance fell by 12.456 million barrels during the week ended May 19, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report. 

Analysts tracked by had only forecast a crude draw of 0.920M for last week. In the prior week to May 12, the EIA reported a crude build of 5.04M barrels.

Historical EIA data showed last week’s draw to be the most since the week ended November 25, or the largest in six months.

The EIA also reported a draw of 1.6M barrels from the U.S. Strategic Petroleum Reserve, which the Biden administration has been tapping since late 2021 to ease crude supply tightness in the market. If that were to be added to total draws, the net decline in crude stockpiles last week would be above 14M barrels.

On the fuel side, the EIA reported larger deficits as well in weekly stockpiles of gasoline and distillates.

On the gasoline inventory front, the consensus draw was 2.053M barrels versus forecasts for a deficit of 0.695M and the previous weekly decline of 1.381M. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With distillate stockpiles, the slide was more modest at 0.561M barrels, versus expectations for a build of 0.057M and the prior week’s deficit of 0.080M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.

Latest comments

Well, well, well, this makes my day!
 We will await the outcome and let's hope it doesn't destroy much of the population there, at least for the sake of humanity. Unfortunately, many traders who are long commodities often pray for calamity -- which won't affect them directly, of course. I'm not saying you are one.
 Yes, no, I'm not one.
 Thanks for being a good man.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.