The American Petroleum Institute (API) reported that U.S. crude oil inventories increased by 2.4 million barrels for the week ending April 11. This figure exceeded analysts’ expectations, which had predicted a drop of 1.68 million barrels. For comparison, the previous week saw a decrease of 1.057 million barrels.
Since the beginning of the year, crude oil inventories in the U.S. have risen by more than 24 million barrels, according to API data calculations provided by Oilprice. Meanwhile, the Department of Energy (DoE) reported that crude oil stocks in the Strategic Petroleum Reserve (SPR) rose by 0.3 million barrels to 397 million barrels for the same week. However, current levels in the SPR remain significantly lower than pre-withdrawal levels before the Biden Administration’s SPR withdrawals.
At 1:43 pm ET, Brent crude was down by $0.32 (-0.49%), trading at $64.56 per barrel. Despite the drop, it represents a $3 rebound from the lows seen after the announcement of Liberation Day tariffs. Similarly, West Texas Intermediate (WTI) crude dropped by $0.28 (-0.46%) to $61.25 per barrel, though this price also reflects a $3 increase from the previous week.
On the gasoline front, inventories fell by 3 million barrels for the week ending April 11, following a small increase of 207,000 barrels in the prior week. Current gasoline inventories are now aligned with the five-year average for this time of year, according to the latest data from the U.S. Energy Information Administration (EIA).
Distillate inventories also experienced a decline, dropping by 3.2 million barrels during the same week. This followed a decrease of 1.844 million barrels in the previous week. As of April 4, distillate stocks were roughly 9% below the five-year average, according to EIA data.
Finally, the API data showed that Cushing inventories—the key delivery point for U.S. crude futures in Cushing, Oklahoma—rose by 349,000 barrels after a 636,000 barrel increase the previous week.
The latest inventory numbers reflect ongoing fluctuations in the oil market, with a mixed picture of rising crude stockpiles and falling gasoline and distillate supplies.
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