The U.S. Energy Information Administration (EIA) reported on Wednesday
that crude inventories plunged by 12.456 million barrels in the week ended May
19, following a climb of 5.040 million barrels in the previous week. That
marked the sharpest weekly slump in the U.S. crude inventories since late
November 2022. Economists had predicted a build of 0.775 million barrels.
At the same time, gasoline stocks declined by 2.053 million barrels,
while analysts had forecast a fall of 1.051 million barrels. The prior week recorded
a drop of 1.381 million barrels.
Elsewhere, distillate stocks decreased by 0.562 million barrels, while
analysts had foreseen an increase of 0.385 million barrels. The prior week registered
a rise of 0.08 million barrels.
Meanwhile, oil production in the U.S. grew by 100,000 barrels a day to
12.300 million barrels per day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, logging
a drop of 1.010 million barrels per day from the week before.