The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Thursday morning, a day later than usual due to the Memorial Day holiday. U.S. commercial crude inventories decreased by 2.8 million barrels last week, maintaining a total U.S. commercial crude inventory of 479.4 million barrels. The inventory remains at its highest level for this time of year in at least 80 years.

Wednesday evening the American Petroleum Institute (API) reported that crude inventories rose by 1.3 million barrels and gasoline inventories dropped by 1.2 million barrels in the week ending May 22. For the same period, analysts surveyed by Platts had estimated a decrease of 1.8 million barrels in crude inventories.

Total gasoline inventories decreased by 3.3 million barrels last week, according to the EIA, but remain near the upper limit of the five-year average range. Total motor gasoline supplied (the agency’s measure of consumption) averaged over 9.2 million barrels a day for the past four weeks, up by 1.6% compared with the same period a year ago.

About the only thing that is certain about the oil market is that it will remain volatile. Analyst opinion is divided between those who believe the glut in the global market continues to be fed by the Saudis, which will keep prices down, and those who believe that the drop in U.S. production will work to producers’ advantage and lift prices.

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The precipitous drop in U.S. onshore drilling has slowed to a near stop. The Baker Hughes rig count for last week showed a decline of just one oil rig and the total rig count dropped by just three. West Texas Intermediate (WTI) crude prices have lost about $4 a barrel in the past week as rig count declines have slowed. Producers do not want to be the last to resume production, preferring instead to take a chance that higher prices may be here to stay, at least for a while.

Before the EIA report, WTI crude for July delivery traded down fractionally at around $56.93 a barrel. The WTI price inched higher to around $56.95 (up only fractionally for the day) immediately after the report was released. The 52-week range on WTI futures is $47.46 to $97.27. Within 10 minutes following the EIA report, crude had dropped to around $57.05.

Distillate inventories increased by 1.1 million barrels last week and remain in the lower half of the average range for this time of year. Distillate product supplied averaged over 4.1 million barrels a day over the past four weeks, down by 0.4% when compared with the same period last year. Distillate production averaged 4.9 million barrels a day last week, up about 100,000 barrels a day compared with the prior week’s production.

For the past week, crude imports averaged 6.7 million barrels a day, down by 503,000 barrels a day compared with the previous week. Refineries were running at 93.6% of capacity, with daily input of around 16.5 million barrels, about 237,000 barrels a day above the previous week’s average.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.739, up from $2.731 a week ago and from $2.547 a month ago. Last year at this time, a gallon of regular cost $3.65 on average in the United States.

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Here is a look at how share prices for two blue-chip stocks and two exchange traded funds reacted to the latest report.

Exxon Mobil Corp. (NYSE: XOM) traded up about 0.22% to $85.30, in a 52-week range of $82.68 to $104.76. Year to date, Exxon stock traded down about 8%, and it is down about 10.5% since early November, as of Tuesday’s close.

Chevron Corp. (NYSE: CVX) traded up fractionally at $103.15, in a 52-week range of $98.88 to $135.10. As of Wednesday’s close, Chevron shares have also dropped about 8% year to date and traded down about 11.7% since early November.

The United States Oil ETF (NYSEMKT: USO) traded down about 0.9% to $19.30, in a 52-week range of $15.61 to $39.44.

The Market Vectors Oil Services ETF (NYSEMKT: OIH) traded down about 1.3% to $36.58, in a 52-week range of $31.51 to $58.01.

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