USA Crude Oil Stocks Rise by Almost 7MM Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 6.9 million barrels from the week ending March 13 to the week ending March 20.

That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on March 25 and included data for the week ending March 20.

The EIA report showed that crude oil stocks, not including the SPR, stood at 456.2 million barrels on March 20, 449.3 million barrels on March 13, and 433.6 million barrels on March 21, 2025. Crude oil in the SPR stood at 415.4 million barrels on March 20 and March 13, and 396.1 million barrels on March 21, 2025, the report showed.

Total petroleum stocks - including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils - stood at 1.691 billion barrels on March 20, according to the EIA report. Total petroleum stocks were up 8.3 million barrels week on week and up 90.9 million barrels year on year, the report pointed out.

“At 456.2 million barrels, U.S. crude oil inventories are about 0.1 percent above the five year average for this time of year,” the EIA said in its latest weekly petroleum status report.

“Total motor gasoline inventories decreased by 2.6 million barrels from last week and are three percent above the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week,” it added.

“Distillate fuel inventories increased by 3.0 million barrels last week and are about 0.4 percent below the five year average for this time of year. Propane/propylene inventories increased by 0.5 million barrels from last week and are 59 percent above the five year average for this time of year,” it continued.

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending March 20, according to the EIA report, which highlighted that this was 366,000 barrels per day more than the previous week’s average.

“Refineries operated at 92.9 percent of their operable capacity last week,” the EIA stated in the report.

“Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased by 158,000 barrels per day last week, averaging 5.0 million barrels per day,” it added.

U.S. crude oil imports averaged 6.5 million barrels per day last week, the report noted, pointing out that this was a decrease of 730,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 15.5 percent more than the same four-week period last year,” the EIA said in the report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 443,000 barrels per day, and distillate fuel imports averaged 155,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 2.4 percent from the same period last year, the EIA stated in the report.

“Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels per day, down by 0.9 percent from the same period last year,” it said.

“Distillate fuel product supplied averaged 3.9 million barrels per day over the past four weeks, up by 1.3 percent from the same period last year. Jet fuel product supplied was down 2.8 percent compared with the same four-week period last year,” the EIA continued.

Analyst View

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on Thursday, Ole R. Hvalbye, a commodities analyst at the company, noted that the EIA’s latest weekly petroleum status report “gave us a pretty bearish inventory print”, which he said “is worth paying attention to in a market that’s been entirely driven by geopolitical headlines”.

“U.S. commercial crude inventories rose by a hefty 6.9 million barrels last week, bringing total inventories to 456.2 million barrels, roughly in line with the five-year average,” Hvalbye pointed out in the report.

“That’s a significant build, and the second large one we’ve seen in recent weeks. Total commercial petroleum inventories were up 8.3 million barrels on the week,” he added.

Looking at the products side, Hvalbye said in the report that the picture was mixed.

“Gasoline inventories drew 2.6 million barrels (still sitting three percent above the five-year average), while distillates added 3.0 million barrels, leaving them just a shade below normal level,” he noted.

“Propane inventories remain extremely comfortable at 59 percent above seasonal norms,” he highlighted.

Looking at the refinery side, Hvalbye pointed out that U.S. crude inputs “jumped by 366,000 week on week to 16.6 million barrels per day, with refineries running at a healthy 92.9 percent utilization rate”.

“Gasoline and distillate production both increased. At the same time, crude imports dropped sharply, down 730,000 barrels per day to 6.5 million barrels per day, though the four-week average is still 15.5 percent above year-ago levels, likely reflecting the scramble to secure non-Hormuz barrels,” he added.

Hvalbye went on to highlight that “overall demand (total products supplied) came in at 20.7 mbd on a four-week average, up 2.4 percent year on year”.

“Gasoline demand remains soft though, down 0.9 percent versus last year, and jet fuel is off 2.8 percent, worth watching as a gauge on whether higher pump prices are starting to bite on consumer behavior,” he said.

Hvalbye stated that U.S. gasoline prices “have jumped roughly $1 per gallon over the past month”, adding that “diesel is up even more”.

The SEB analyst concluded in the report that “crude build is a useful reminder that fundamentals still matter, even in a market dominated by war headlines”.

“The U.S. supply picture is quite comfortable right here and now, it’s the physical flow disruptions through Hormuz and the Middle East war premium that are keeping prices in triple digits, not tightness in OECD inventories,” he added.

“When geopolitics cool down, the landing zone for prices could be significantly lower than where we are today,” Hvalbye warned.

To contact the author, email andreas.exarheas@rigzone.com