U.S. Crude Oil Inventories Remain Above Five-Year Average Despite Weekly Draw
The U.S. Energy Information Administration reported commercial crude stockpiles stood at 457.2 million barrels as of May 1, 2026, 1 percent above the five-year average. Motor gasoline and middle distillate inventories also declined while demand rose year-over-year. The data followed a much larger draw reported by the American Petroleum Institute.
ibtimes.co.ukU.S. Energy Information Administration released on Wednesday. 2 million barrels.
Those stockpiles remain 1 percent above the five-year average for this time of year. Crude oil inventories have increased by 1 million barrels over the last six weeks, according to weekly EIA data as of May 2026. 1 million barrels for the period covered by the May 2026 EIA release.
Com reported that the gap between the API and EIA crude inventory prints is driven in part by timing, with large draws and builds appearing across adjacent reporting weeks. 1 million barrels in the prior week.
Demand has held steady despite recent price increases. 9 million barrels per day.
Distillate inventories are 11 percent below the five-year average as of the week ending May 1. 6 percent compared to the same period last year.
5 percent year over year. The EIA data arrived one day after the API figures and amid sharp declines in oil prices. 33 on the day.
49 on the day.
Key Facts
Story Timeline
3 events- 2026-05-06
EIA releases weekly inventory data showing 2.3 million barrel crude draw for week ending May 1
2 sourcesOilPrice.com · EIA - 2026-05-05
API reports 8.1 million barrel crude draw for the same period
2 sourcesOilPrice.com · API - 2026-05-01
End of weekly reporting period for EIA and API inventory data
1 sourceEIA
Potential Impact
- 01
Divergence between API and EIA data highlights timing differences in weekly reporting that traders must reconcile
- 02
Distillate stocks 11% below seasonal norms may tighten heating oil and diesel markets heading into summer
- 03
Lower inventories combined with steady demand growth could support higher prices if geopolitical supply risks reemerge
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