US Crude Inventories Fall But Gasoline Stocks See Surprise Build

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.188 million barrels in the week ending May 8. In the week prior, US crude oil inventories fell by 8.1 million barrels. Analysts had expected a 1.65 million-barrel draw for the current reporting period. US crude inventories are up 35 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices. For week ending May 8, 8.6…