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US Inventory Decline (Week ending May 1)
Weekly decrease in US petroleum reserves in millions of barrels.
Primary Sources
Oil prices drop as Iran offers new proposal for peace talks with US
Oil prices fell on Friday afternoon following reports that Iran has put forward a new proposal for a second round of peace talks with the US.
Oil prices fall a second day as Trump indicates possible Iran peace ...
A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo Purchase Licensing Rights, opens new tabMELBOURNE, May 6 (Reuters) - Oil prices fell for a second day on Wednesday on expectations bottled up supply from the key Middle East producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal may be reached to end the war with Iran.Brent crude futures for July fell $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after dropping 4% in the previous session. U.S. benchmark West Texas Intermediate futures for June declined $1.50, or 1.47%, to $100.77, after closing down 3.9% the day before. Sign up here.On Tuesday, Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on the agreement.There was no immediate reaction from Tehran, where it was very early on Wednesday morning.Still, Trump said the U.S. Navy would continue its blockade of Iranian ports. The Strait of Hormuz, which typically carries cargoes equal to about one-fifth of the world's oil and natural gas supply, has been most cut off since the U.S.-Israeli war against Iran began on February 28.The supply loss to the global market has pushed prices higher with Brent trading last week at its highest since March 2022."We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on social media.Trump's announcement came only hours after U.S. Secretary of State Marco Rubio briefed reporters on the effort, announced on Sunday, to escort stranded tankers through the strait. On Monday, the U.S. military said it had destroyed several Iranian small boats, as well as cruise missiles and drones, while guiding two vessels out of the Gulf through the strait.The Strait of Hormuz closure has drawn down global inventories as refineries try to make up the shortfall.U.S. crude oil inventories fell for a third week, while gasoline and distillate stocks also declined, market sources said on Tuesday, citing American Petroleum Institute figures.Crude stocks fell by 8.1 million barrels in the week ended May 1, the sources said. Gasoline inventories fell by 6.1 million barrels, while distillate inve...
Oil prices settle lower on new Iran peace proposal - MSN
Oil prices fell Friday after Iran made a new proposal for peace negotiations and President Donald Trump said it wasn't good enough.
Oil prices fall after Iran sends updated peace proposal to ... - CNBC
Oil prices fell Friday after Iran sent an updated peace proposal to mediators in Pakistan, raising hopes again that a settlement with the U.S. is still possible.
