EIA: Crude Stocks Fall, Distillates Lowest Since 2003


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories declined for a 
fifth consecutive week while distillate fuel inventories dropped to their 
lowest level since 2003, according to Energy Information Administration data 
for the week ended May 22 released Wednesday (5/27). Gasoline inventories also 
fell to a fresh six-month low.

   Commercial crude oil inventories fell by 3.3 million bbl to 441.7 million 
bbl during the week profiled, the lowest commercial crude oil inventory level 
since February 2026, when stocks stood at 439.2 million bbl. The latest crude 
inventory balance was up 1.3 million bbl, or 0.3%, from the same period last 
year.

   Crude oil imports averaged 5.212 million bpd in the profiled week, down by 
804,000 bpd from the previous week. Over the last four weeks, crude imports 
averaged 6.215 million bpd, up 2.4% from the same period last year. Crude oil 
exports averaged 4.440 million bpd last week, down from 5.604 million bpd the 
week prior but above the 4.301 million bpd reported a year earlier.

   Distillate fuel inventories fell by 2.1 million bbl to 100.8 million bbl 
during the reference week, the lowest inventory level since the week ended May 
9, 2003, when stocks stood at 99.9 million bbl. Distillate inventories were 
down 2.6 million bbl, or 2.5%, from the same week last year.

   Total motor gasoline inventories decreased by 2.6 million bbl to 211.6 
million bbl, the lowest level since the week ended November 28, 2025. On an 
annual basis, gasoline inventories were down 11.5 million bbl, or 5.2%, from 
the same week last year.

   Jet fuel inventories rose by 700,000 bbl to 44.9 million bbl last week and 
were up 2.2 million bbl, or 5.1%, from year-ago levels.

   Refinery utilization increased to 94.5% of operable capacity last week from 
91.6% in the prior week. Crude oil inputs into refineries averaged 16.971 
million bpd, higher than the previous week's 16.319 million bpd.  

   Total products supplied over the last four weeks averaged 20.692 million 
bpd, up 3% from the same period last year. Gasoline demand averaged 8.701 
million bpd, up 0.4% from year-ago levels, while distillate demand averaged 
3.955 million bpd, higher by 1.2% from the previous year.




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