US Crude Oil Inventories Continue Downward Plunge But Gasoline Surprises

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.75 million barrels in the week ending May 29. In the week prior, US crude oil inventories fell by 2.8 million barrels. Analysts had expected a 3.6 million draw. Despite the sharp dropoff of the last several weeks, US crude inventories have risen by 16 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…