U.S. commercial crude oil inventories fell by 4.3 million barrels for the week ending May 8, 2026, according to the Energy Information Administration’s Weekly Petroleum Status Report released Wednesday, May 13. The draw was nearly double the consensus expectation of a 2.2 million barrel decline and confirms the IEA’s broader assessment Wednesday that global oil markets are severely undersupplied.
The data set was bullish across most line items. Total U.S. commercial crude inventories now sit roughly 23 million barrels below the five-year seasonal average. Cushing stocks fell 1.1 million barrels to their lowest level since November 2024. U.S. crude oil imports averaged 6.2 million barrels per day, down 340,000 bpd from the prior week as Persian Gulf-origin cargoes continued to be redirected or delayed.
Distillate inventories rose by 190,000 barrels — the first weekly increase since March 6 — easing some refined product supply concerns. The build reflects gradually rising refinery throughput as spring maintenance season winds down. Refinery utilization climbed to 89.4%, up from 87.2% the prior week, supporting product output even as input crude costs sit at multi-year highs.
Gasoline inventories continued their multi-week decline, falling 1.8 million barrels. The 12-week consecutive draw streak is the longest sustained gasoline destocking pattern since 2022. Summer driving season demand combined with the May 1 transition to summer-grade fuel is depleting tank levels faster than refiners can replenish them. Implied gasoline demand averaged 9.4 million bpd, the highest since Labor Day weekend.
Crude oil exports surged to 4.7 million barrels per day, near a record high, as global buyers continued to bid aggressively for U.S. barrels to backfill Persian Gulf shortfalls. Strategic Petroleum Reserve stocks held steady at 402.1 million barrels, reflecting administration restraint on releases despite the elevated price environment. The reserve has not been drawn on since the conflict began in late February.
Market reaction was modest. WTI June futures held near $101.85 in the immediate aftermath; Brent July eased to $107.05. The data was directionally bullish but largely confirmed what the IEA Oil Market Report had already framed Wednesday morning. Citi and Goldman analysts maintained their existing forecasts. The combined IEA + EIA data drop reinforces the supply-side narrative but does not, by itself, alter the resolution timeline for the conflict.
The next EIA inventory report is scheduled for Wednesday May 20. Goldman Sachs analysts suggested that if distillate stocks fail to maintain the modest build trajectory through the summer, refined product cracks could widen further from already multi-year-high levels. For continuing coverage, see our live oil prices dashboard.