Overview
- EIA data for the week ending May 22 show commercial crude fell by 3.3 million barrels to 441.7 million barrels and total motor gasoline dropped by 2.6 million barrels, while middle distillates declined about 2.1 million barrels and sit roughly 11% below the five‑year average.
- Industry API estimates broadly matched the crude draw at about 2.8 million barrels for the same week, reinforcing the picture of falling U.S. stocks reported by the EIA.
- OilPrice.com reported a 9.1 million‑barrel withdrawal from the U.S. Strategic Petroleum Reserve in the week ending May 22, leaving the SPR near 365.1 million barrels and reducing the government's emergency buffer.
- Markets swung sharply late in the week with Brent and WTI falling then partially rebounding as traders weighed the inventory draws, SPR releases, and a wider 2026 global supply shortfall driven in part by regional disruptions and modest OPEC+ output changes.
- Analysts warn the current relief may be temporary because SPR releases are a short‑to‑medium‑term tool and further draws at Cushing, Oklahoma, the physical hub for WTI delivery, can amplify benchmark price moves and raise pump prices for consumers.