Analysis: EIA Reports Crude Stock Build as Imports Jump

Analysis: EIA Reports Crude Stock Build

U.S. commercial crude oil inventories rose by 2.4 million barrels to 420.7 million bbls last week, up 0.6% year-on-year and 4% below the five-year seasonal average. The weekly build was almost entirely centered in Cushing, Oklahoma, delivery point for WTI futures. While crude oil exports and refinery throughput were little changed, imports jumped 508,000 bpd to a three-week high 6.742 million bpd in the week ending August 29, Energy Information Administration data revealed Thursday.

Based on weekly EIA data, U.S. crude oil imports have last month outpaced August 2024 levels. In the four weeks ending August 29, crude oil imports averaged just shy of 6.6 million bpd, up 267,000 bpd, or 4.4%, year-on-year. Net imports over the past four weeks ran 173,000 bpd, or 6.8%, above the pace in the same time period in 2024.

With last week’s surprising crude oil build, which reversed the 2.4 million bbl draw from the prior week, commercial inventory levels have now caught up to year-ago levels but were still trailing the five-year seasonal average by about 4%.

Distillate fuel oil inventories expanded by 1.7 million bbls to 115.9 million bbls last week, trailing year-ago levels by 5.5% and the 5-year average by 13%. Nationwide gasoline stocks, meanwhile, fell for second week, dropping by 3.8 million bbls to 218.5 million bbls, closely in line with year-ago levels.