US Drillers Lift Rigs for Fifth Week as Jet Fuel Output Nears Records

Oil markets stayed tight through May 22 with WTI near $98 and Brent near $105 after rebounding from a sharp sell-off. Record U.S. inventory draws and ongoing Hormuz disruptions kept supplies constrained, prompting U.S. refiners to lift jet fuel production above 2 million barrels per day. Baker Hughes reported the rig count rising five to 758, with oil rigs up ten to 425, as higher prices encouraged more drilling. Goldman Sachs noted global draws averaging a record 8.7 million barrels per day in May, while the EIA’s 7.9 million barrel commercial crude draw and the largest weekly SPR release of 9.9 million barrels reinforced physical tightness.