US Crude Oil Inventories See a Notable Decline

In a recent report, the American Petroleum Institute (API) revealed a surprising downturn in US crude oil inventories. Specifically, there was a 4.5 million barrel decrease in the week ending May 2. This development has caught the attention of market analysts and investors alike.

Mixed Movements in Distillate and Gasoline Stocks

While the overall trend for crude oil was downward, the report also highlighted contrasting movements in other areas. Distillate inventories experienced an increase of 2.24 million barrels, whereas gasoline stockpiles saw a decline of 1.97 million barrels.

Cushing Reserves Also Take a Hit

Adding to the narrative, reserves in Cushing, Oklahoma, reportedly decreased by 854,000 barrels during the same period. This detail further underscores the volatility and dynamic nature of current oil inventory levels.