US crude oil inventories down by 0.5% for week ending May 2

US commercial crude oil inventories decreased by 0.5% during the week ending May 2, according to data released by the Energy Information Administration (EIA) late Thursday.

Inventories fell by around 2 million barrels to 438.4 million barrels, higher than the market prediction of a 2.5 million barrel decrease.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased 600,000 barrels, reaching 399.1 million barrels, the data revealed.

Over the same period, gasoline inventories rose by around 200,000 barrels to 225.7 million.

– Crude production decreases

EIA data showed that US crude oil production decreased by 98,000 barrels per day (bpd) to about 13.36 million bpd during the week ending May 2.

US crude oil imports increased by 557,000 bpd to approximately 6.05 million bpd, while exports decreased by 115,000 bpd to around 4.00 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on May 7, the EIA predicted that crude oil output in the country would reach an average of 13.4 million bpd in 2025.

• EIA
• Short-Term Energy Outlook (STEO)