U.S. crude oil inventories fell by 2 million barrels to 438.4 million barrels in the week ended May 2 and were about 7% below the five-year average for the time of year, the EIA said.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 4.49 million barrels in the week ending May 2

Kansas crude prices also drop to four-year lows. Kansas Common crude at CHS in McPherson starts the week at $48.50 per barrel. The last time prices in McPherson were this low was February of 2021. Kansas prices in April averaged of $52.22 per barrel. That's down six dollars from the average in March and down more than $22 from a year earlier.