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U.S. Crude Drawdowns Reach 2005 Low, Shortage Threats Rise

5/11/2026

Summary

JPMorgan Warns Shortages

Iran's war cut to lows, with 4.8 million-barrel drawdowns from March 1 to April 25.
U.S. crude stocks fell four weeks, leaving inventories at their 2005 low and releases totaling 400 million barrels, with 79.7 million of its 172 million-barrel pledge deployed, pushing reserves toward 1982 minimum.
JPMorgan head Natasha Kaneva warns OECD stocks may face stress by month, hit September low, and that Indonesia, Vietnam, Pakistan and the Philippines could face shortages within a month.

Summary

**Asia Oil Decline**

Asian oil imports fell 30% YoY in April, the lowest in a decade per Kpler data.
Asia faces a naphtha shortage that threatens feedstock supplies for plastics manufacturers.
U.S. gasoline inventories were 219.8 million barrels on May 1, 4% below the five-year average and the lowest since 2014.
The United States and Iran each accuse the other of ceasefire violations after recent naval strikes, while peace proposals remain unresolved.

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JPMorgan Warns Shortages

Iran's war cut to lows, with 4.8 million-barrel drawdowns from March 1 to April 25.
U.S. crude stocks fell four weeks, leaving inventories at their 2005 low and releases totaling 400 million barrels, with 79.7 million of its 172 million-barrel pledge deployed, pushing reserves toward 1982 minimum.
JPMorgan head Natasha Kaneva warns OECD stocks may face stress by month, hit September low, and that Indonesia, Vietnam, Pakistan and the Philippines could face shortages within a month.

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