A Break in the Gasoline Inventory Drawdown
- Commercial crude oil inventories in the U.S. decreased to 433.71 million barrels on 5/29/2026. This inventory has decreased for six consecutive weeks.
- Motor gasoline inventories in the U.S. increased to 214.96 million barrels on 5/29/2026. This was the first increase after 15 consecutive weeks in which this inventory decreased.
Comparing Past Drawdowns in Gasoline Inventories
- The 15 consective weeks in which gasoline inventories decreased in the Spring of 2026 was tied for the longest consecutive streak. The Spring of 2012 was the only other time that inventories fell for nearly four straight months.
- Overall, there have been 10 instances in which the inventory of gasoline decreased for at least nine weeks in a row.
- In terms of barrel volume, the Spring 2026 withdrawl was the largest ever, at 47 million barrels. None of the other periods saw volume decrease by over 40 million barrels.
- Although it also occured over 15 consective weeks, the drawdown in the Spring of 2012 only totaled 32 million barrels.
A Top in Refiner Margins
- The 3-2-1 crack spread, which approximates the margin for U.S. oil refiners that use three barrels of crude oil to produce two barrels of gasoline and one barrel of distillate fuel, was $43.51 dollars per barrel on 6/4/2026.
- This margin decreased sharply since reaching a recent peak of $59.58 per barrel on 5/12/2026. Over the past 72 calender months, there were two other peaks that occured near the $60 level: $59.27 on 3/20/2026 and $60.99 on 6/3/2022.
An Increase in Operating Oil Rigs
- There were 429 oil rigs operating in the U.S. on 5/29/2026. This was the most in operation since there was 432 on 6/27/2025.
