EIA: US Crude Inventories Fall; Products Build As Refiners Ramp Up

U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories posted surprise builds as refiners ramped up their activity to the highest since January ahead of Memorial Day weekend, the Energy Information Administration (EIA) said May 31.

Crude inventories fell 3.6 million barrels (bbl) in the week to May 25, compared with analysts’ expectations for a decrease of 525,000 bbl.

The drawdown assuaged some worries from U.S. traders who have watched the West Texas Intermediate crude (WTI) benchmark weaken due to high production levels and signals that OPEC will let its supply-cut pact come to a close.