U.S. crude oil inventories fell by 4.3 million barrels to 452.9 million barrels for the week ending May 8, 2026, according to the Energy Information Administration. Gasoline stocks also dropped by 4.1 million barrels to 215.7 million barrels, as higher refinery utilization and lower imports contributed to a sharper-than-expected drawdown in domestic energy supplies.
U.S. Crude and Gasoline Stocks Fall Sharper Than Expected
The Energy Information Administration reported a significant reduction in United States energy supplies for the week ending May 8, 2026. Crude oil inventories decreased by 4.3 million barrels, bringing total stocks to 452.9 million barrels. This drawdown exceeded the 2.1 million barrel decline anticipated by analysts in a Reuters poll.
Gasoline stocks followed a similar trajectory, falling by 4.1 million barrels to reach a total of 215.7 million barrels. At the Cushing, Oklahoma delivery center, crude inventories dropped by 1.7 million barrels, indicating heightened demand or tighter supply at this critical hub.
For more on this story, see Oil Prices Fall as U.S.-Iran Talks Stall and Hormuz Shipping Restrictions Persist.
Rising Refinery Activity and Shifting Imports
The inventory pull was driven in part by increased processing activity. Refinery crude consumption rose by 370,000 barrels per day. This activity pushed the refinery utilization rate up by 1.6 percentage points, reaching 91.7 percent.
While crude and gasoline stocks tightened, distillate inventories—which include diesel and heating oil—saw a slight increase. These stocks rose by 0.2 million barrels to 102.5 million barrels. Net crude imports into the United States also fell by 318,000 barrels per day during the same period.
This follows our earlier report, U.S. Gas Prices Rise Despite Domestic Oil Surplus Due to Import Reliance and Global Supply Chains.
Market Reaction and Price Movements
The supply data exerted upward pressure on global energy markets during Wednesday trading. Brent crude rose by approximately 27 cents, trading at $108.04 per barrel. West Texas Intermediate (WTI) saw a more pronounced gain, increasing by $1.10 to reach $103.28 per barrel.
The combination of higher refinery throughput and lower-than-expected stockpiles suggests a tightening market. The reduction in net imports and the drawdowns at Cushing signal increased domestic demand for crude, supporting the recent gains in global oil prices.