US Crude Stocks Surge to 3-Year High as Fuel Inventories Drop
The Energy Information Administration reported a large weekly build in crude inventories for the week ended March 27. U.S. crude stocks rose by 5.5 million barrels to 461.6 million barrels.
U.S. crude stocks surged to a three-year high even as fuel inventories dropped, driven by stronger international demand. Product exports climbed to record levels, the EIA said.
Storage and refinery flows
Stocks at the Cushing, Oklahoma, delivery hub increased by 520,000 barrels. That was the largest level there since July 2024.
Refinery crude runs fell by 219,000 barrels per day. Refinery utilization slipped 0.8 percentage points to 92.1%.
Fuel inventories and export dynamics
Distillate inventories, which include diesel and heating oil, fell by 2.1 million barrels to 117.8 million barrels. Analysts had expected a much smaller draw.
Distillate exports jumped by 226,000 barrels per day to 1.41 million bpd. That level exceeded the 2026 four-week average of 1.22 million bpd.
Weekly exports of total petroleum products reached a record high. Net imports of petroleum products fell to their lowest since November 2024.
Demand, trade flows and prices
Total product supplied rose by 917,000 barrels per day to 20.92 million bpd. Distillate demand increased by 471,000 bpd to 4.04 million bpd.
U.S. gasoline stocks fell by 586,000 barrels to 240.9 million barrels. That draw was smaller than Reuters poll expectations of about 1.9 million barrels.
Net U.S. crude imports dropped by 209,000 bpd. Crude exports rose by 199,000 bpd to 3.5 million bpd.
Oil futures reacted to the larger-than-expected crude build. At 10:46 a.m. ET, Brent traded near $101.27 a barrel, down about $2.70. West Texas Intermediate was about $98.96, down roughly $2.42.
Market reaction and commentary
Analysts said the ample U.S. crude supply weighed on prices. One market observer noted that domestic crude availability reduced upward pressure on oil prices.
Others pointed to rising exports as evidence of a global scramble for products. That dynamic is increasing calls on U.S. domestic supplies, they added.
This summary is based on EIA weekly statistics and reporting for the week ending March 27. Filmogaz.com compiled the key figures and market context.
