EIA: Crude Stocks Fall, Distillates Near Record Low

DAVENPORT, FL (DTN) – U.S. commercial crude oil inventories fell for a fourth consecutive week while distillate fuel inventories remained near 20-year lows, according to Energy Information Administration data for the week ended May 15 released Wednesday (5/20). Gasoline stockpiles also declined to their lowest level in nearly six months, while refinery utilization remained above 91% of operable capacity.

Commercial crude oil inventories fell by 7.9 million bbl to 445.0 million bbl during the week profiled. The latest crude inventory balance was 1.9 million bbl, or 0.4%, above the same period last year.

Crude oil imports averaged 6.0 million bpd in the profiled week, up 116,000 bpd from the previous week. Over the last four weeks, crude imports averaged 5.8 million bpd, down 1.5% from the same period last year. Crude oil exports averaged 5.60 million bpd last week, up from 5.49 million bpd the week prior and well above the 3.51 million bpd reported a year earlier.

Distillate fuel inventories rose by 400,000 bbl to 102.9 million bbl during the reference week, the third-lowest inventory level since the week ended July 4, 2005. Only the week ended April 28, 2005, at 102.2 million bbl and more recently the week ended May 8, 2026, at 102.5 million bbl were lower. Stocks were down 1.2 million bbl, or 1.2%, from the same week last year.

Total motor gasoline inventories decreased by 1.5 million bbl to 214.2 million bbl, the lowest level since the week ended November 28, 2025, when inventories stood at 214.4 million bbl. On an annual basis, gasoline inventories were down 11.4 million bbl, or 5%.

Jet fuel inventories rose by 200,000 bbl to 44.2 million bbl last week and were 2.1 million bbl, or 4.9%, above year-ago levels.

Refinery utilization eased slightly to 91.6% of operable capacity last week from 91.8% in the prior week. Crude oil inputs into refineries averaged 16.319 million bpd, lower than the previous week’s 16.398 million bpd.

Total products supplied over the last four weeks averaged 20.24 million bpd, up 3.1% from the same period last year. Gasoline demand averaged 8.86 million bpd, up 0.5% from year-ago levels, while distillate demand averaged 3.61 million bpd, higher by 1.4% from the previous year.