US Oil Inventories See Significant Increase

In a surprising turn of events, crude oil inventories in the United States have reportedly increased by a substantial 4.29 million barrels for the week ending May 9, according to private data from the American Petroleum Institute (API).

Changes in Distillate and Gasoline Inventories

During the same period, distillate inventories saw an unexpected rise of 3.67 million barrels, while gasoline stockpiles experienced a decline of 1.37 million barrels. This mixed trend highlights the volatile nature of the oil market.

Cushing Reserves Dip

Adding to the complexity of the current oil inventory landscape, reserves in Cushing, Oklahoma, reportedly decreased by 850,000 barrels, signaling potential shifts in storage and demand dynamics.