• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
Major Oil Companies Make Moves in Megamerger Frenzy

Major Oil Companies Make Moves in Megamerger Frenzy

Several high-profile mergers among oil…

U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

On Rises Small Gasoline, Crude Draw

Oil prices rose today after the Energy Information Administration reported crude oil inventories in the country had shed 1 million barrels in the week to May 20.

At 419.8 million barrels, crude oil inventories are 14 percent below the five-year average for this time of the year.

Last week’s inventory change compared with a draw of 3.4 million barrels estimated for the previous week.

In gasoline, the EIA reported an inventory decline of 500,000 barrels for the week to May 20, with gasoline production averaging 9.4 million bpd.

The week before, gasoline inventories shed 4.8 million barrels and production averaged 9.6 million barrels daily.

In middle distillates, the authority estimated an inventory increase of 1.8 million barrels. Production stood at an average of 5.1 million bpd.

This compared with an inventory build of 1.2 million barrels and a production rate of 4.9 million bpd a week earlier.

Gasoline prices continued breaking records last week, reaching $4.598 per gallon on Tuesday, according to the AAA. Diesel prices were lower, however, at $5.549 per gallon on Tuesday, down from $5.573 per gallon a week ago.

The diesel fuel situation in the U.S. and not just there continues to be close to critical because of the tightness of available inventory. To quench concerns, the Biden administration announced it was considering a release from the emergency diesel reserve.

Diesel fuel supplies are especially tight on the East Coast, where inventories have fallen to the lowest since at least 1990, according to the Wall Street Journal.

Crude oil prices also remain elevated as the demand/supply situation remains unchanged even though worry about recession has served to limit the upside potential of benchmarks. OPEC’s de facto leader Saudi Arabia signaled once again it had no plans to boost production further and the EU continued to discuss an oil embargo on Russia.

The U.S., meanwhile, is considering the possibility of an export ban in a bid to rein in domestic fuel prices, CNBC reported on Tuesday, citing Energy Secretary Jennifer Granholm.


By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News