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3h ago

U.S. Crude Stocks Climb Unexpectedly as Refined Products and SPR Show Diverging Trends

Oil prices fluctuate following a 4 million-barrel crude inventory increase, significant refined product draws, and a rise in the Strategic Petroleum Reserve.

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. REUTERS/Liz Hampton/File Photo
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Overview

  • The U.S. Energy Information Administration confirmed a 4 million-barrel increase in crude oil inventories for the week ending May 9, surpassing expectations of a drawdown.
  • Gasoline stocks decreased by 1.4 million barrels, while distillate inventories saw a sharper decline of 3.7 million barrels during the same period.
  • The Strategic Petroleum Reserve (SPR) added 500,000 barrels, continuing its partial replenishment after significant withdrawals in prior years.
  • Cushing, Oklahoma, crude inventories fell by 850,000 barrels, reflecting localized supply adjustments at the key WTI delivery hub.
  • Oil prices experienced volatility, with traders weighing the crude stock build against product draws and seasonal demand dynamics ahead of summer driving season.