US gasoline inventories fall to six-month low

Oil

Total US gasoline inventories declined by 2.1M bbls w-o-w and 3.4M bbls y-o-y to 216.3M bbls during the week ending 19 May, falling for the third consecutive week to the lowest level since November, according to the US Energy Information Administration (EIA). The four-week average of gasoline supplied (a proxy for demand) rose by 100K b/d w-o-w to 9.1M b/d, the highest since December 2021. Commercial crude oil stocks declined by 12.5M bbls w-o-w to 455.2M, the lowest since February, while Strategic Petroleum Reserve supplies also fell by 1.6M bbls w-o-w to 358M bbls, the lowest since 1983. Crude exports rose by 240K b/d w-o-w to 4.55M b/d, whereas imports decreased by 1.01M b/d to 5.85M b/d.