EIA data shows commercial crude inventories fell to 445.0 million barrels, 2% below the five-year average for mid-May.
US commercial crude oil inventories declined by 7.9 million barrels for the week ended May 15, pushing stockpiles to 445.0 million barrels. The drawdown leaves inventories 2% below the five-year average for this period, signaling tighter supply conditions.
The latest figures follow an earlier report from the American Petroleum Institute, which estimated a 9.1 million barrel draw for the same week. Prior EIA data had shown inventories trending near seasonal averages before the recent decline.
Market participants are monitoring the drawdown amid rising global demand and OPEC+ production cuts, which may further tighten supply in the coming months.