Crude Oil Daily Brief
Tuesday, May 5, 2026
Crude markets steady with WTI at $99.89 and Brent at $113.89. API reports large inventory draws while geopolitical tensions persist.
Headline
WTI front
USD 99.89/bbl
Brent front
USD 113.89/bbl
Brent–WTI
+14.00
Sessions
Asia · Asia
Mixed trading
Regional supply concerns supported prices amid ongoing Middle East tensions.
Europe · ICE
Brent USD 113.89
Norway gasfield reopening news offset by inventory draw expectations.
US · NYMEX
WTI USD 99.89
API confirmed very large crude and oil product draws supported front-month contracts.
Commentary
Inventory draws provide fundamental support
bullishAPI confirmed very large crude and oil product draws, providing bullish inventory signals. The draws come as global oil reserves plunge at record pace amid Middle East war straining supplies. Iraq offers huge discounts for crude shipments via Hormuz, suggesting regional supply chain pressures. These inventory dynamics support near-term price levels despite ongoing geopolitical uncertainty.
Supply disruption risks persist across regions
neutralRussia's Kirishi oil refinery caught fire according to NASA satellites, adding to refining capacity concerns. US senators push to reinstate Russian oil sanctions, potentially tightening global supply. Norway plans to reopen three gasfields closed last century, offering longer-term supply additions. The combination of immediate disruptions and future supply additions creates mixed supply outlook.
News
API confirms very large crude and oil product draws according to industry data.
Why it matters: Inventory draws signal tighter supply-demand balance affecting crude purchasing and refinery run decisions.
Global oil reserves plunge at record pace as Middle East war strains supplies.
Why it matters: Reserve depletion affects long-term supply security and strategic planning for refiners and traders.
Russia's Kirishi oil refinery is on fire according to NASA satellite data.
Why it matters: Refinery disruptions reduce product supply and can affect crude demand from the affected facility.
Iraq offers huge discounts for crude shipments via Hormuz according to market reports.
Why it matters: Discounted crude creates arbitrage opportunities and affects regional pricing benchmarks for refiners.
Norway plans to reopen three gasfields that were closed down last century.
Why it matters: Additional gas supply affects energy markets and potential crude-to-gas substitution dynamics.