US Crude and Gasoline Inventories Sink as SPR Draws Down

API data show US crude inventories dropped 2.8 million barrels in the week ending May 22 (after a 9.1 million-barrel decline the prior week), with the SPR at 365.1 million barrels—the lowest level since April 2024. U.S. production slipped to about 13.702 million bpd; Brent and WTI were trading lower (around $95.46 and $89.66, respectively). Gasoline inventories fell by about 3.2 million barrels, distillates rose 1.1 million, and Cushing storage fell roughly 2.875 million barrels. Overall, inventories remain below five-year averages for gasoline and distillates amid an ongoing supply imbalance.