US oil inventories unexpectedly rise by 3.8 million barrels

Commercial oil inventories in the United States rose unexpectedly last week, mainly driven by a sharp decline in exports and a significant increase in imports, according to the US Energy Information Administration.

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

US commercial crude oil stocks recorded an unexpected increase of 3.8 million barrels during the week ending June 27, bringing the total to 419 million barrels, according to the latest figures released by the US Energy Information Administration (EIA).

Significant decline in exports
This increase sharply contrasts with initial expectations from analysts surveyed by Bloomberg, who had forecast a decrease of around 2.7 million barrels for the period. This development is notably due to a significant drop in US oil exports, down by 46%, reaching their lowest level since July 2023. This sudden decline in exports marks a stark contrast with the trends observed over previous months, a period during which the US had maintained a sustained pace of international shipments. Previously, American export volumes had remained at significantly higher levels.

Rise in crude oil imports
In parallel with the decline in exports, US imports saw a notable rise, increasing by 16%, to their highest level since December 2024. This surge in imports directly contributed to the rise in oil inventories observed during this period. Moreover, the United States’ strategic reserve also recorded a significant increase, reaching 402.8 million barrels, its highest level since October 2022. This development highlights the extent of changes in US oil flows during this timeframe.

EIA statistical adjustments
The US Energy Information Administration nonetheless specified that a statistical adjustment had been applied, subtracting nearly one million barrels per day from volumes entering the American market. This statistical correction, conducted weekly, aims to rectify discrepancies in data recorded during previous periods and is not directly related to actual movements during the week in question. Regarding refinery activity, US refinery utilisation rates stood at 94.9%, slightly up from the previous week (94.7%). Domestic crude oil production remained stable at 13.43 million barrels per day.

Decrease in gasoline deliveries
Volumes of refined products delivered to the market, an indirect indicator of demand, remained relatively unchanged. However, gasoline deliveries in the US sharply decreased by 10.8%, illustrating a significant slowdown in this specific category. On Wednesday, around 15:00 GMT, oil prices were trading slightly higher. North Sea Brent crude for September delivery was up 0.48%, reaching $67.43 per barrel. West Texas Intermediate (WTI) for August delivery gained 0.34%, trading at $65.67.

Nigerian tycoon Aliko Dangote plans to expand his refinery’s capacity to 1.4 million barrels per day, reshaping regional energy dynamics through an unmatched private-sector project in Africa.
COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
Shell has filed an appeal against the cancellation of its environmental authorisation for Block 5/6/7 off the South African coast, aiming to continue exploration in a geologically strategic offshore zone.
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.
The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.
Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
Ten days before COP30, Brazil awarded five offshore oil blocks for over $19mn, confirming its deepwater development strategy despite environmental criticism.
Tripoli mise sur des partenariats avec des majors et jusqu’à 4 milliards $ d’investissements pour relancer sa production pétrolière, malgré un climat politique divisé.
Niger hardens its stance on energy sovereignty but avoids breaking with China National Petroleum Corporation, its main oil industry partner, in order to safeguard export revenues.
As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.
Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
A traditional leader from the Niger Delta is seeking compensation before Shell’s onshore asset sale, citing decades of unaddressed pollution in his kingdom.

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.