API data shows a larger-than-expected decline in crude inventories, though gasoline stocks rise unexpectedly for the week.
US crude oil inventories fell by 6.75 million barrels in the week ending May 29, exceeding analysts’ forecast of a 3.6 million barrel draw. The decline follows a 2.8 million barrel drop the prior week, signaling accelerating draws amid ongoing price pressures.
Despite the recent declines, crude inventories have risen by 16 million barrels year-to-date, according to industry data. The Strategic Petroleum Reserve continues to release barrels in an effort to stabilize prices, though the impact remains limited.
Gasoline inventories bucked the trend, rising unexpectedly and offsetting some of the bullish sentiment from the crude draw.