U.S. petroleum demand climbed higher for a second consecutive week and oil inventories declined in tandem, the U.S. Energy Information Administration (EIA) said Wednesday.

EIA said in its Weekly Petroleum Status Report (WPSR) that overall petroleum demand for the period ended May 21 rose 3.5% week/week after jumping 10% a week earlier, lifted by mounting demand for gasoline and a surge in consumption of jet fuel. Demand for gasoline last week increased 3% from the prior week, while jet fuel demand bounced 18% higher.

U.S. oil refinery inputs averaged 15.2 million b/d last week. That was 123,000 b/d more than the prior week. Refineries operated at 87% of their operable capacity last week, on par with the prior week and up substantially from 71% a year earlier.

The gains come...