U.S. crude oil supplies fell 6.3 million barrels (1.6%) for the week ending May 31, according to an Energy Information Administration (EIA) report (link opens a PDF) released today.
A 3-million-barrel increase had pushed supplies to record highs the previous week. Still, inventories remain "above the upper limit of the average range for this time of year," according to the EIA.
Motor gasoline also experienced a drop, knocking 400,000 barrels off supply levels. But despite the decrease, demand for gasoline has dwindled down a seasonally adjusted 0.8% over the past four weeks. Pump prices remained virtually unchanged from the preceding week at a national average of $3.646 on June 3, $0.033 higher than the same time a year ago.
Distillates inventories increased 2.6 million barrels, but remain "in the lower half of the average range for this time of year." Demand for distillates is up a seasonally adjusted 6% over the last month.