US crude oil inventories rise by 6.2 million barrels amid export decline

Commercial crude oil inventories in the United States rose to their highest level since July 2024, driven by a drop in exports and lower refining activity.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Commercial crude oil inventories in the United States recorded an unexpected increase of 6.2 million barrels during the week ending March 28, according to data released by the Energy Information Administration (EIA). This rise brought total inventories to 439.8 million barrels, their highest level since July 2024, while analysts had forecast a moderate decline of around 500,000 barrels, based on a consensus compiled by Bloomberg.

Refining slowdown and impact on inventories

This accumulation of crude coincides with lower refining utilisation, which dropped to 86% from 87% the previous week. Reduced refining activity generally leads to a build-up of crude inventories due to the slowdown in processing. Domestic production remained almost unchanged at 13.58 million barrels per day, compared to 13.57 million the week before.

Falling exports, rising imports

The main factor contributing to the inventory increase was a 16% drop in US crude oil exports, which fell to 3.88 million barrels per day from 4.60 million in the prior period. Meanwhile, imports rose by 4.37%, driven in part by a significant increase in volumes from Canada.

Canadian imports reached 4.42 million barrels per day, the second-highest level ever recorded, according to Bloomberg. Phil Flynn, analyst at Price Futures Group, attributed the surge to efforts aimed at accelerating cross-border shipments ahead of potential new tariffs proposed by President Donald Trump.

Moderate impact on crude prices

At the delivery hub in Cushing, Oklahoma, inventories rose by approximately 2.4 million barrels. Historically, such an increase tends to weigh on oil prices. However, the market response was mixed: West Texas Intermediate (WTI) initially dipped before rebounding to $69.91 per barrel (+1.33%), while Brent crude from the North Sea held steady at $74.54 (+0.07%).

According to Phil Flynn, the temporary weakness in refinery operations and ongoing geopolitical uncertainties, particularly regarding Iran, continue to support a risk premium in oil prices.

The International Monetary Fund expects oil prices to weaken due to sluggish global demand growth and the impact of US trade policies.
With lawsuits multiplying against oil majors, Republican lawmakers are seeking to establish federal immunity to block legal actions tied to environmental damage.
The United Kingdom targets two Russian oil majors, Asian ports and dozens of vessels in a new wave of sanctions aimed at disrupting Moscow's hydrocarbon exports.
Major global oil traders anticipate a continued decline in Brent prices, citing the fading geopolitical premium and rising supply, particularly from non-OPEC producers.
Cenovus Energy has purchased over 21.7 million common shares of MEG Energy, representing 8.5% of its capital, as part of its ongoing acquisition strategy in Canada.
In September 2025, French road fuel consumption rose by 3%, driven by a rebound in unleaded fuels, while overall energy petroleum product consumption fell by 1.8% year-on-year.
Société Ivoirienne de Raffinage receives major funding to upgrade facilities and produce diesel fuel in line with ECOWAS standards, with commissioning expected by 2029.
India is funding Mongolia’s first oil refinery through its largest line of credit, with operations scheduled to begin by 2028, according to official sources.
Aramco CEO Amin Nasser warns of growing consumption still dominated by hydrocarbons, despite massive global energy transition investments.
China imported an average of 11.5 million barrels of crude oil per day in September, supported by higher refining rates among both state-run and independent operators.
The New Vista vessel, loaded with Abu Dhabi crude, avoided Rizhao port after the United States sanctioned the oil terminal partly operated by a Sinopec subsidiary.
OPEC confirms its global oil demand growth forecasts and anticipates a much smaller deficit for 2026, due to increased production from OPEC+ members.
JANAF is interested in acquiring a 20 to 25% stake in NIS, as the Russian-owned share is now subject to US sanctions.
The US Treasury Department has imposed sanctions on more than 50 entities linked to Iranian oil exports, targeting Chinese refineries and vessels registered in Asia and Africa.
Khartoum et Juba annoncent un mécanisme commun pour protéger les oléoducs transfrontaliers, sans clarifier le rôle des forces armées non étatiques qui contrôlent une partie des installations.
The Namibian government signed an agreement with McDermott to strengthen local skills in offshore engineering and operations, aiming to increase oil sector local content to 15% by 2030.
Nigeria deploys a 2.2 million-barrel floating storage unit funded by public investment, strengthening sovereignty over oil exports and reducing losses from theft and infrastructure failures.
Despite open statements of dialogue, the federal government maintains an ambiguous regulatory framework that hinders interprovincial oil projects, leaving the industry in doubt.
Canada’s Sintana Energy acquires Challenger Energy in a $61mn all-share deal, targeting offshore exploration in Namibia and Uruguay. The move highlights growing consolidation among independent oil exploration firms.
The 120,000-barrel-per-day catalytic cracking unit at the Beaumont site resumed operations after an unexpected shutdown caused by a technical incident earlier in the week.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.