The U.S. Energy Information Administration (EIA) reported that commercial crude oil inventories fell by about 4.3 million barrels last week to 452.9 million barrels, against market expectations of a 2 million barrel decline.
Strategic petroleum reserves also decreased by 8.6 million barrels to 384.1 million barrels. Gasoline inventories dropped by about 4.1 million barrels to 215.7 million barrels.
Meanwhile, domestic crude oil production increased by 137,000 barrels per day to 13.71 million bpd. Crude imports rose by 424,000 bpd to 5.9 million bpd, while exports increased by 742,000 bpd to 5.49 million bpd.
According to the EIA's Short-Term Energy Outlook for May 2026, average U.S. crude oil production this year is forecast at 13.65 million bpd.
