US commercial crude oil inventories jumped 17.4 million barrels in the week ended August 7, the largest weekly gain since January 2023, the Energy Information Administration reported. The build pushed stocks to their highest level since June 5 and pulled WTI and Brent futures lower.
US commercial crude oil inventories rose 17.4 million barrels to 424.4 million barrels in the week ended August 7, the Energy Information Administration reported Wednesday. It marked the largest weekly gain since January 2023.
The build caught markets off guard. Analysts had anticipated a draw of 1.4 million barrels, and the resulting inventory level is the highest since June 5. US and Brent crude futures extended their losses after the data release.
Imports climb as exports slip
The build coincided with a sharp rise in crude imports. Commercial crude imports reached 7.3 million barrels per day, the highest level since November 2024. Net imports climbed to their highest level since June 2025, while crude exports declined during the week.
Imports from Canada climbed to their highest level since March 2025. Shipments from Venezuela reached their highest level since September 2024. Gulf Coast crude stockpiles also posted their largest weekly increase since January 2023. Stocks at the Cushing, Oklahoma delivery hub rose by 1.6 million barrels over the same week.
Refining activity ticks up, gasoline stocks slip less than expected
Refinery crude runs increased by 26,000 barrels per day during the week. Yet refinery utilization rates fell 0.3 percentage points to 96.2%.
Gasoline inventories decreased by 1 million barrels to 208.7 million barrels, a smaller decline than the expected draw of 1.2 million barrels. US gasoline futures dropped 0.63% after the data showed the smaller-than-expected drawdown. The inventory figures exclude barrels held in the Strategic Petroleum Reserve.
Sources: Commodities & Futures News, Commodities & Futures News
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