EIA Petroleum Inventory: Commercial Crude Draws 3.3 Million Barrels; Distillate Deficit Widens to 8.8 Million Barrels Below Seasonal Average

The U.S. Energy Information Administration released its weekly petroleum status report on Thursday, one day later than its usual Wednesday schedule. The federal holiday closure on May 25 shifted the publication to Thursday, May 28. For the week ending May 22, commercial crude oil stocks fell 3.327 million barrels to 441.686 million barrels.

The Strategic Petroleum Reserve fell 9.063 million barrels in the same week, declining to 365.112 million barrels. That drawdown aligns with the International Energy Agency's coordinated Hormuz emergency release, which already dispatched a 1.3-million-barrel cargo to the Philippines as part of a planned 400-million-barrel contingency program. Total petroleum inventories, including the SPR, fell 17.375 million barrels for the week.

All Three Product Categories Below Seasonal Norms

Gasoline stocks fell 2.572 million barrels to 211.591 million barrels. Against a five-year seasonal average of approximately 223.6 million barrels, gasoline stands 12.0 million barrels short, a 5.4 percent deficit, per EIA data tables. Distillate fuel oil fell 2.106 million barrels to 100.799 million barrels. Compared with the five-year seasonal average of roughly 109.6 million barrels, distillate stands 8.8 million barrels below seasonal norms, a shortfall of 8.0 percent.

Total crude stocks, including the SPR, stand 15.7 million barrels below their five-year seasonal average. Running simultaneous deficits in crude, gasoline, and distillate is uncommon in late May, when refineries typically have completed spring maintenance and are ramping summer production runs. Refinery crude oil input reached 16,971 thousand barrels per day for the week, reflecting high utilization of US processing capacity.

Production, Trade, and Market Reaction

Domestic crude production stood at 13,715 thousand barrels per day for the week ending May 22, per EIA primary figures. The US exported 4,440 thousand barrels per day of crude while importing 5,212 thousand barrels per day. Netting all products, the country maintained a net petroleum export position of 5,842 thousand barrels per day, supplying global markets even as domestic stocks declined.

WTI crude was trading at $88.28 per barrel as of late morning on the CME, down 0.45 percent on the session, per OilPrice.com. Brent crude traded at $93.16 per barrel, down 1.2 percent. Both benchmarks fell despite the commercial crude draw, as traders weighed progress in Iran-US ceasefire talks that could ease Hormuz supply constraints.

Distillate Deficit Trajectory and SPR Drawdown Rate

At the current draw rate of 2.1 million barrels per week, the distillate deficit against the five-year seasonal average widens by roughly 8 to 9 million additional barrels per month without a demand slowdown or import increase. That 8.0-percent shortfall is the most severe of the three product categories covered in this week's report. On the SPR side, the 9.063-million-barrel weekly drawdown translates to roughly 36 to 40 million barrels per month. At that pace, the IEA's planned 400-million-barrel Hormuz contingency release would clear in approximately 10 to 11 months.

Archive Context

A prior Oil Authority report noted the EIA would shift this week's petroleum release to Thursday due to the Memorial Day federal closure. That report also tracked US LNG exports at 18.4 billion cubic feet per day, placing demand context around refinery throughput. With petroleum data now published, every major inventory category runs below its five-year seasonal average while the SPR drawdown accelerates on pace with the IEA's 400-million-barrel Hormuz response.