EIA's weekly data release for the week ending 22 May showed broad-based declines across U.S. crude and refined product inventories. Total crude oil stocks, including Strategic Petroleum Reserve (SPR) withdrawals, fell by 12.4 million barrels. Refinery demand surged to nearly 17 million barrels per day, potentially limiting export availability as crude exports slowed for a second consecutive week to 4.4 million barrels per day. Meanwhile, inventories at Cushing, Oklahoma - the delivery hub for WTI futures - declined by 2.8 million barrels.
Ahead of the peak summer driving season, gasoline inventories fell to their lowest seasonal level since 2014, while distillate stocks dropped to around 100 million barrels, the lowest level for this time of year in 25 years.