The Energy Information Administration (EIA) on Wednesday reported a fall in US crude oil inventories, easing concerns about oil oversupply. However, both gasoline and distillate stocks rose as refiners increased their throughput. US crude stockpiles have surged in 2020 driven by weak demand amid efforts to curb the COVID-19 pandemic, which shut businesses and paralyzed economic activities.
According to EIA’s report, US oil stocks fell by 5 million barrels to 526.5 million barrels in the week ended May 15, compared to Reuters poll’s estimates of a 1.2 million-barrel build. Oil stockpiles at the Cushing delivery hub dropped by 5.6 million barrels during the week. Meanwhile, US gasoline and distillate inventories rose by 2.8 million barrels and 3.8 million barrels, larger than the poll’s expectations.
