May 14, 2026 [Reuters]- U.S. crude ‌and gasoline stocks fell last week amid an increase in exports, the U.S. Energy Information Administration said on Wednesday, as the Iran war roiled oil markets and countries turned to the United States for supply.

Crude inventories fell by 4.3 million barrels to 452.9 million barrels in the week ​ended May 8, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1-million-barrel draw. Crude ​stocks at the Cushing, Oklahoma, delivery hub dropped by 1.7 million barrels in the week, ⁠the EIA said.

Oil futures extended gains immediately after the report was released, but Brent prices later declined and U.S. futures ​pared gains. Global Brent crude futures were trading at $107.44 a barrel, down 33 cents, at 11:21 a.m. ET (1521 GMT), while ​U.S. West Texas Intermediate futures were up 72 cents at $102.90 a barrel.

Crude exports rose by 742,000 barrels per day, to 5.49 million bpd in the week, while net U.S. crude imports fell last week by 318,000 bpd, the EIA said.

Refinery crude runs rose by 370,000 bpd in ​the week, the EIA said, and utilization rates climbed by 1.6 percentage points in the week to 91.7%.

PRODUCERS RESPOND TO ​WAR

“We did see a large size uptick in domestic production for the first time since the war started, implying we can see ‌producers perhaps ⁠starting to take advantage of higher prices and drilling,” said Bob Yawger, director of energy futures at Mizuho.

U.S. gasoline stocks fell by 4.1 million barrels in the week to 215.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9-million-barrel draw. Gasoline exports rose by 192,000 bpd to 1.05 million bpd during the week.

“With the ​dynamics we are flirting with ​right now in this market, ⁠we could catch the all-time high of $5 a gallon for gasoline again,” Yawger added, referring to June 2022, when prices at the pump surged in response to sanctions on oil producer ​Russia after it invaded Ukraine, and a squeeze on refining capacity.

“Another EIA report showing a ​tightening of the ⁠oil market, with total oil inventories falling by nearly 14 million barrels. Meanwhile, U.S. gasoline inventories will start from a low level in the upcoming U.S. driving season,” said Giovanni Staunovo, a UBS analyst.

Distillate stockpiles, which include diesel and heating oil, rose ⁠by 200,000 ​barrels in the week to 102.5 million barrels, versus expectations for a ​2.7-million-barrel drop, the EIA data showed.

Total product supplied, a proxy for demand, fell by 407,000 bpd to 19.89 million bpd. Consumption of gasoline was down ​by 59,000 bpd to 8.75 million bpd.