US crude oil inventories reach highest level since July 2024

US commercial crude reserves rose by 2.6 million barrels, matching forecasts and reaching a nine-month peak.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

US commercial crude oil inventories increased by 2.6 million barrels in the week ending 4 April, according to data released by the Energy Information Administration (EIA) on 9 April. This change aligned with analysts’ expectations, who had forecast a similar increase based on a consensus compiled by Bloomberg. Excluding the Strategic Petroleum Reserve, total inventories reached 442.3 million barrels, the highest level recorded since early July 2024.

Weekly statistical adjustment by the EIA

The recorded increase may partly result from a technical adjustment. The EIA, which routinely revises figures from previous reporting periods, deducted approximately 968,000 barrels per day from the volumes initially reported as entering the US market. This adjustment does not reflect actual activity during the observed week but is part of a methodological recalibration. Concurrently, stocks at Cushing, Oklahoma—the main delivery point for West Texas Intermediate (WTI)—rose by approximately 700,000 barrels.

Decline in production and cross-border flows

Domestic crude production saw a slight decrease to 13.45 million barrels per day from 13.58 million the previous week. This drop was accompanied by a notable reduction in imports (-4.28%) and exports (-16.41%) over the same period. Refinery utilisation experienced a modest increase from 86% to 86.7%, a factor that can limit stock accumulation under certain operational conditions.

Impact on oil markets

Following the EIA’s data release, crude prices briefly reacted before falling sharply. The West Texas Intermediate barrel for April delivery traded at $56.40, down 5.40%, while Brent crude from the North Sea for May delivery declined by 5.13% to $59.60. These price movements occurred against the backdrop of ongoing trade tensions between the United States and China, which continue to exert pressure on energy markets.

Backed by flagship projects linked to EACOP and the Tilenga and Kingfisher fields, Uganda aims to lead Africa in new oil storage additions, with a projected impact on its revenues and financial flows by 2030.
A study reveals that independent oil and gas producers supported over 3.1 million jobs and generated $129bn in taxes, representing 87% of the US upstream sector’s economic contributions.
GATE Energy has been appointed to deliver full commissioning services for bp’s Kaskida floating production unit, developed in partnership with Seatrium in the deepwater Gulf of Mexico.
A Syrian vessel carrying 640,000 barrels of crude has docked in Italy, marking the country’s first oil shipment since the civil war began in 2011, amid partial easing of US sanctions.
Canadian crude shipments from the Pacific Coast reached 13.7 million barrels in August, driven by a notable increase in deliveries to China and a drop in flows to the US Gulf Coast.
Faced with rising global electricity demand, energy sector leaders are backing an "all-of-the-above" strategy, with oil and gas still expected to supply 50% of global needs by 2050.
London has expanded its sanctions against Russia by blacklisting 70 new tankers, striking at the core of Moscow's energy exports and budget revenues.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
French steel tube manufacturer Vallourec has secured a strategic agreement with Petrobras, covering complete offshore well solutions from 2026 to 2029.
Increased output from Opec+ and non-member producers is expected to create a global oil surplus as early as 2025, putting pressure on crude prices, according to the International Energy Agency.
The Brazilian company expands its African footprint with a new offshore exploration stake, partnering with Shell and Galp to develop São Tomé and Príncipe’s Block 4.
A drone attack on a Bachneft oil facility in Ufa sparked a fire with no casualties, temporarily disrupting activity at one of Russia’s largest refineries.
The divide between the United States and the European Union over regulations on Russian oil exports to India is causing a drop in scheduled deliveries, as negotiation margins tighten between buyers and sellers.
Against market expectations, US commercial crude reserves surged due to a sharp drop in exports, only slightly affecting international prices.
Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.

Log in to read this article

You'll also have access to a selection of our best content.