EIA: Crude Stocks Fall, Distillates Rebound From 2003 Low


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories declined for a 
sixth consecutive week while distillate fuel inventories moved modestly higher 
after reaching their lowest level since 2003 the prior week, according to 
Energy Information Administration data for the week ended May 29 released 
Wednesday (6/3). Gasoline inventories also increased after falling to a 
six-month low the previous week.

   Commercial crude oil inventories fell by 8 million bbl to 433.7 million bbl 
during the week profiled, the lowest commercial crude oil inventory level since 
the week ended February 13, 2026, when stocks stood at 419.8 million bbl. The 
latest weekly decline was also the largest crude inventory draw since that same 
week, when inventories fell by 9 million bbl.

   Crude oil imports averaged 6.397 million bpd in the profiled week, up by 
1.185 million bpd from the previous week. Over the last four weeks, crude 
imports averaged 6.157 million bpd, up 2.4% from the same period last year. 
Crude oil exports averaged 5.874 million bpd last week, up from 4.440 million 
bpd the week prior and above the 3.907 million bpd reported a year earlier.

   Distillate fuel inventories rose by 1.5 million bbl to 102.3 million bbl 
during the reference week after falling to the lowest level since May 2003 the 
prior week. Despite the increase, inventories remained 5.3 million bbl, or 5%, 
below the same week last year and continued to rank among the lowest seasonal 
levels in more than two decades.

   Total motor gasoline inventories increased by 3.4 million bbl to 215 million 
bbl after falling the previous week to the lowest level since the week ended 
November 28, 2025. On an annual basis, gasoline inventories were down 13.3 
million bbl, or 5.8%, from the same week last year.

   Jet fuel inventories rose by 400,000 bbl to 45.4 million bbl last week and 
were up 1.7 million bbl, or 3.9%, from year-ago levels.

   Refinery utilization increased to 94.7% of operable capacity last week from 
94.5% in the prior week. Crude oil inputs into refineries averaged 16.881 
million bpd, down by 90,000 bpd from the previous week's 16.971 million bpd.

   Total products supplied over the last four weeks averaged 20.404 million 
bpd, up 3% from the same period last year. Gasoline demand averaged 8.843 
million bpd, up 0.6% from year-ago levels, while distillate demand averaged 
3.599 million bpd, higher by 1.2% from the previous year.

    




(c) Copyright 2026 DTN, LLC. All rights reserved.