U.S. Crude Oil Stocks Fall 2.5 Million Barrels in Week Ended May 10

By Kirk Maltais

U.S. crude oil stocks fell 2.5 million barrels last week, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude-oil stocks excluding the Strategic Petroleum Reserve fell by barrels to 457 million barrels in the week ended May 10, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.1 million barrels.

Stocks of gasoline and distillate fuels also both fell from the previous week. Gasoline stocks were forecast to be stable and distillate fuels were expected to show an increase, according to analysts.

Change in U.S. oil inventories for the week ended May 10:

          Crude   Gasoline   Distillates   Refinery Use 
EIA data: (2.5)   (0.2)      (0.045)            1.9 
Forecast: (1.1)    0          0.3               0.5 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

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(END) Dow Jones Newswires

05-15-24 1131ET