US Crude Oil Stocks Jump 6.9 Million Barrels to Highest Since June 2024
US commercial crude inventories rose by 6.9 million barrels in the week ending March 20, reaching 456.2 million barrels, the highest level since June 2024, according to the EIA.
| Countries | États-Unis |
|---|---|
| Companies | Bloomberg |
| Sector | Pétrole, Transport stockage |
| Theme | Marchés & Finance, Prix |
US commercial crude oil stocks rose by 6.9 million barrels in the week ending March 20, bringing the total to 456.2 million barrels, the highest level since June 2024, according to the Energy Information Administration (EIA). The result defied market expectations, with the Bloomberg consensus pointing to a decline of roughly 1.3 million barrels. Persistent Middle East tensions continue to drive oil market sentiment, as illustrated by recent price swings tied to Iran negotiations.
Fifth Consecutive Weekly Build
This marks the fifth straight weekly increase in US commercial crude inventories, signaling a sustained domestic supply surplus. Strategic reserves, closely monitored amid supply disruptions from the Middle East conflict, remained unchanged. The US government has pledged to gradually release 172 million barrels from the country's 415-million-barrel strategic stockpile to support a market affected by disruptions from the Gulf region.
The mobilization of strategic reserves has become a regular tool for stabilizing global supply. The International Energy Agency (IEA) has also signaled readiness to release strategic stockpiles to offset supply disruptions. These mechanisms aim to cushion price shocks caused by persistent geopolitical tensions in the Gulf region.
Slumping Exports the Primary Driver of the Inventory Build
A sharp drop in US exports — down 32% to their lowest level since November — stands out as the main explanation for the inventory surge. Imports also retreated by 10%. Domestic production edged slightly lower to 13.66 million barrels per day, while refinery utilization climbed to 92.9% from 91.4% in the prior period.
On the demand side, products supplied to the US market — an implicit gauge of consumption — fell 8%, though they held just above the 20-million-barrel-per-day threshold. This relative resilience underscores the US economy's capacity to absorb elevated prices. American consumers are proving better equipped than feared for a $100 oil environment.
Prices Slide Sharply, Unmoved by the Weekly Report
The release of the weekly report had no bearing on oil prices, with traders keeping their focus on geopolitical developments. Around 3:00 PM GMT, North Sea Brent crude for May delivery was falling 3.95% to $100.36 per barrel. Its US equivalent, West Texas Intermediate (WTI) for the same month, was declining 4.10% to $88.56.
