US oil inventories up 2.5M barrels last week

Oil tanks

Crude oil inventories in the US rose more than expected in the week ended May 16, 2025, according to estimates by the American Petroleum Institute (API).

However, gasoline and distillate stocks declined.

Crude oil inventories increased by about 2.5 million barrels last week, compared to expectations for a fall of 1.85 million barrels. Gasoline inventories decreased by 3.24 million barrels, while distillate stocks, including diesel and heating oil, declined by 1.4 million barrels.

These estimates offer mixed signals regarding energy demand trends in the world’s largest economy, as investors await the official inventory data from the Energy Information Administration (EIA), due today.

Brent crude futures for July delivery inched down by 0.24%, or 16 cents, at $65.38 per barrel.

Meanwhile, US WTI crude futures for June delivery (expired today) fell by 0.21%, or 13 cents, to $62.56 per barrel.