API shows another weekly fall in US crude stocks but gasoline inventories rise, sources say

• Crude oil stocks dropped 2.2 million barrels, marking the fourth straight weekly decline
• Gasoline inventories increased by 502,000 barrels, contrasting with the broader drawdown trend
• Distillate inventories fell by 319,000 barrels during the same period

Summary: API Reports Fourth Consecutive Weekly Decline in US Crude Inventories

The American Petroleum Institute (API) reported that U.S. crude oil inventories fell for the fourth consecutive week during the period ending May 8, 2025, according to market sources.

Key Figures:

• Crude oil stocks: Declined by 2.2 million barrels
• Gasoline inventories: Rose by 502,000 barrels
• Distillate inventories: Fell by 319,000 barrels

Market Implications:

The continued drawdown in crude inventories signals sustained demand or reduced supply in the U.S. oil market, which typically supports oil prices. This trend aligns with broader energy market dynamics, as evidenced by related reports indicating rising oil prices due to supply concerns.

However, the increase in gasoline stocks suggests either robust refinery output or weakening demand at the pump, which could pressure gasoline crack spreads. The decline in distillate inventories—which include diesel and heating oil—may indicate strong industrial and transportation sector demand.

The data comes from the API's weekly survey and will be followed by official figures from the Energy Information Administration (EIA), which traders typically consider more authoritative. The four-week streak of crude inventory declines represents a significant trend that could influence trading strategies and market sentiment in the energy sector.

This inventory report is particularly relevant given concurrent market concerns about geopolitical tensions affecting oil supply, as referenced in related coverage about U.S.-Iran negotiations and regional energy deals.