US Crude Inventories Fall Quickly, But Still Up This Year

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.1 million barrels in the week ending May 15. In the week prior, US crude oil inventories fell by 2.188 million barrels. Analysts had expected a 3.4 million-barrel draw for the current reporting period. US crude inventories have risen by 26 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…