Financial News: U.S. Crude Oil Inventories Plunge Much More Than

U.S. Crude Oil Inventories Plunge Much More Than Expected

05/20/2026 - 10:36:00 (RTTNews)

(RTTNews) - The Energy Information Administration released a report on Wednesday showing crude oil inventories in the U.S. tumbled by much more than expected in the week ended May 15th.

The report said crude oil inventories plunged by 7.9 million barrels last week after slumping by 4.3 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.9 million barrels.

At 445.0 million barrels, U.S. crude oil inventories are about 2 percent below the five-year average for this time of year, the EIA said.

The EIA said gasoline inventories also fell by 1.5 million barrels last week and are 5 percent below the five-year average for this time of year.

Meanwhile, the report said distillate fuel inventories, which include heating oil and diesel, crept up by 0.4 million barrels last week but remain about 9 percent below the five-year average for this time of year.

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