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Informist, Thursday, May 7, 2026

MUMBAI – US crude oil inventories, excluding those in the strategic petroleum reserves, fell by 2.3 million barrels to 457.2 million barrels in the week ended Friday, the US Energy Information Administration said in its weekly report. Analysts polled by Dow Jones had estimated a fall of 2.3 million barrels. US crude oil inventories were about 1% above the five-year average for this time of the year, according to the report.

Petrol inventories fell by 2.5 million barrels from the previous week to 219.8 million barrels in the week ended Friday. Analysts polled by Dow Jones had estimated petrol inventories to fall by 2.2 million barrels. Distillate fuel stocks fell by 1.3 million barrels to 102.3 million barrels during the week. Analysts polled by Dow Jones had expected a fall of 1.9 million barrels in distillate stocks. Distillate fuel stocks were around 11% below the five-year average for this time of the year.

According to the report, refinery utilisation rose to 90.1% from 89.6% the previous week. Crude oil production in the US, the largest producer of the commodity, was 13.57 million barrels per day in the week ended Friday against 13.59 million barrels last week.

US crude oil exports fell 1.69 million barrels per day to 4.75 million barrels per day, according to the report. Strategic petroleum reserves fell 5.2 million barrels to 392.7 million barrels during the week.

US crude oil imports averaged 5.5 million barrels per day during the week, down 273,000 barrels per day from the previous week. Over the past four weeks, US crude oil imports averaged around 5.6 million barrels per day, 2.4% less than the corresponding period last year.

Of the top 10 countries that export crude oil to the US, imports from two countries fell in the week ended Friday. Imports from Canada fell the most, by 706,000 barrels per day to 3.27 million barrels per day. Imports from Iraq fell by 120,000 barrels per day to 76,000 barrels. On other hand, imports from Saudi Arabia rose the most by 158,000 barrels per day to 4.2 million barrels per day, according to the report.

Inventories of crude oil at Cushing, Oklahoma, a key delivery point for West Texas Intermediate crude, fell 600,000 barrels to 29.1 million barrels in the week ended Friday. Cushing is the designated delivery point for NYMEX crude oil futures. Market participants closely monitor stockpiles in Cushing, which has a storage capacity of about 90 million barrels.

At 1039 IST, the most-active June contract of crude oil on the NYMEX was up 0.5% at $95.55 per barrel.

End

US$1 = INR 94.85

Reported by Taniva Singha Roy

Edited by Akul Nishant Akhoury

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