Basalt magma sometimes moves through volcanic conduits causing only minor deformation. In that case, we may detect magma movements directly by microgravity observations. After the 1986 eruption of Izu-Oshima volcano, we observed anomalous gravity variations localized at the summit. Based on a vertical cylindrical conduit model, we estimate the time variations of the head of magma in the summit conduit and clarify the magma drain-back process after the 1986 eruption. ¿ 1998 American Geophysical Union