On May 15, the US Energy Information Agency (EIA) released its weekly oil status report. The report shows that compared to last week, crude oil inventories have decreased by 2.5 million barrels, while analysts expect a decrease of 1.4 million barrels. At present, the level of crude oil inventory is about 4% lower than the average level of the same period in previous years.

The total gasoline inventory has decreased by 200,000 barrels compared to last week, while analysts expect an increase of 900,000 barrels. The fuel oil storage has slightly decreased.

The import volume of crude oil from the United States decreased by 226,000 barrels per day compared to last week, with an average of 6.7 million barrels per day.

The strategic oil reserves have increased from 3.672 million barrels to 3.678 million barrels, and the United States continues to purchase oil for strategic reserves.

The domestic crude oil production remains at a level of 13.1 million barrels per day, which is not surprising as oil prices have been consistently declining in recent weeks.

As traders responded to the EIA report, WTI crude oil rebounded from its intraday low. At present, WTI crude oil is striving to stand above the $77.50 mark. While traders are concerned about the intensity of oil demand, oil prices are approaching several month lows.

After the EIA report was released, Brent crude oil closed around $82.00. In recent weeks, the geopolitical premium of oil prices has significantly decreased due to traders not believing in supply disruptions in the Middle East. At present, the oil market requires significant positive factors to break the current trend.