US crude inventories fall by 2.188 million barrels, gasoline stocks see surprise build

Summary

US crude oil inventories fell by 2.188 million barrels for the week ending May 8, while gasoline inventories unexpectedly increased by 502,000 barrels. The Strategic Petroleum Reserve (SPR) saw a drawdown of 8.6 million barrels, reaching 384.1 million barrels, the lowest since October 2024. US production slightly declined to 13.573 million bpd, but remains up 206,000 bpd from a year earlier.

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