Sharp Draws Across Crude & Products as SPR Releases Accelerate: Will They Reach Record Low?

May 29, 2026

∙ Paid

May 28, 2026

US crude oil inventories decreased by 3.327 mb to 441.686 mb last week, per the EIA.
Cushing inventories fell by 2.794 mb to 23.024 mb.
The SPR decreased by 9.063 mb/d to 365.112 mb.
Gasoline inventories declined by 2.572 mb to 211.591 mb.
Distillate inventories fell by 2.107 mb to 100.799 mb.
US crude oil imports decreased by 0.804 mb/d to 5.212 mb/d, and crude exports declined by 1.164 mb/d to 4.440 mb/d.
The EIA estimates US oil demand increased by 0.493 mb/d last week to 20.943 mb/d.
Refinery utilization increased from 91.6% to 94.5%, with gross crude inputs into refineries increasing from 16.642 mb/d to 17.171 mb/d.

Three things are now clear:

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