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FinanceAPI: US crude inventories plunge 6.75M barrels, far exceeding expectations
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The American Petroleum Institute (API) reported that US crude oil inventories fell by 6.75 million barrels in the week ending May 29, significantly exceeding analyst expectations of a 3.6 million barrel draw. This follows a 2.8 million barrel decline in the prior week. Despite these recent sharp drops, US crude inventories have risen by 16 million barrels so far in 2026, according to API data. The article also notes that the US Strategic Petroleum Reserve (SPR) continues to draw down in an effort to alleviate pressure on oil prices. The report highlights a surprising trend in gasoline inventories, though specific gasoline data is not detailed in the provided excerpt. The data suggests ongoing tightness in crude supply but a broader context of year-to-date inventory builds.
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Publication Date: June 2, 2026, 20:59 UTC
US Crude Oil Inventories Continue Downward Plunge But Gasoline Surprises
Current Oil Prices (as of 11 minutes ago)
| Commodity | Price | Change | % Change | |-----------|-------|--------|----------| | WTI Crude | 93.48 | +1.32 | +1.43% | | Brent Crude | 95.86 | +0.88 | +0.93% | | Murban Crude | 96.19 | +1.76 | +1.86% | | Natural Gas | 3.164 | -0.015 | -0.47% | | Heating Oil | 3.674 | +0.034 | +0.94% | | Gasoline | 3.131 | +0.046 | +1.50% |
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Additional Price Benchmarks
| Benchmark | Time | Price | Change | % Change | |-----------|------|-------|--------|----------| | WTI Midland | 3 hours | 94.61 | +1.30 | +1.39% | | OPEC Basket | 2 days | 104.1 | +1.26 | +1.23% | | Indian Basket | 5 days | 96.60 | -0.92 | -0.94% |
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Global Crude Blends (Historical Data)
| Blend | Days Ago | Price | Change | % Change | |-------|----------|-------|--------|----------| | Marine | 652 | 75.08 | -2.22 | -2.87% | | Murban | 652 | 76.34 | -1.97 | -2.52% | | Iran Heavy | 338 | 64.96 | -0.76 | -1.16% | | Basra Light | 1646 | 71.69 | -3.60 | -4.78% | | Saharan Blend | 338 | 68.65 | -0.72 | -1.04% | | Bonny Light | 93 | 67.66 | +3.95 | +6.20% |
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African & OPEC Blends
| Blend | Days Ago | Price | Change | % Change | |-------|----------|-------|--------|----------| | Bonny Light | 93 | 67.66 | +3.95 | +6.20% | | Girassol | 652 | 79.56 | -1.80 | -2.21% | | OPEC Basket | 2 | 104.1 | +1.26 | +1.23% |
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Canadian Crude Blends
| Blend | Time | Price | Change | % Change | |-------|------|-------|--------|----------| | Canadian Crude Index | 1099 days | 53.57 | -1.23 | -2.24% | | Western Canadian Select | 15 hours | 79.81 | +4.80 | +6.40% | | Canadian Condensate | 15 hours | 94.31 | +4.80 | +5.36% | | Premium Synthetic | 15 hours | 92.56 | +4.80 | +5.47% | | Sweet Crude | 15 hours | 86.41 | +4.80 | +5.88% | | Peace Sour | 15 hours | 84.16 | +4.80 | +6.05% |
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Additional Canadian Blends
| Blend | Time | Price | Change | % Change | |-------|------|-------|--------|----------| | Peace Sour | 15 hours | 84.16 | +4.80 | +6.05% | | Light Sour Blend | 15 hours | 84.41 | +4.80 | +6.03% | | Syncrude Sweet Premium | 15 hours | 88.66 | +4.80 | +5.72% | | Central Alberta | 15 hours | 84.01 | +4.80 | +6.06% |
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Source
OilPrice.com Daily News UpdateWestern
Part of this Story
U.S. crude oil inventories drop for sixth straight week, SPR continues drawdown