SUBSCRIBE
PROFILE

USA: Commercial crude oil reserves take off

U.S. commercial crude oil reserves rose by 16.3 million barrels last week, despite a general softening in demand. This surprise figure caused prices to plummet and commercial stocks are at their highest level since early June 2021.

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.

START NOW — 4.90$/month

*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

SUBSCRIBE — 99$/year

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

Sign up for free to unlock this article

Commercial crude oil reserves in the United States rose by 16.3 million barrels last week, according to figures released Wednesday by the U.S. Energy Information Agency (EIA). This marks the eighth consecutive weekly increase, despite an overall decline in demand. The current level is now the highest since early June 2021.

 

A market surprise and falling prices

The market reacted badly to this unexpected announcement and prices fell after its publication. A barrel of U.S. West Texas Intermediate (WTI) for March delivery gave up 1.44% to $77.92 around 16:00 GMT.

Increased imports and slowing demand

Since mid-December, commercial inventories have increased by 53 million barrels thanks to a high level of net imports (difference between imports and exports) at 3 million barrels per day in the week ended February 10. Similarly, the refiner’s capacity has dropped to 86.5%, compared to 87.9% a week ago.

Finally, demand contracted by 6% over one week and is below its level at the same time in 2022.

Production remains stable

Production also remained stable at 12.3 million barrels per day while at the same time 26 million will be taken from the US Strategic Petroleum Reserve (SPR) in the coming weeks to comply with a law passed by the US Congress in 2015.

  • Popular on energynews.pro
Petrobras takes 27.5% stake in Block 4 offshore São Tomé with Shell and Galp
Italy could unlock €16bn in hydropower through new concession model
Orazul Energy launches cash tender offer for its 2027 notes
Sub-Saharan Africa LNG exports expected to triple by 2034
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
IEA warns of 3.3 million barrel oil surplus in 2026
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.
Drone strikes major Bachneft refinery in Ufa, fire breaks out
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.
Transatlantic rift over Russian oil reduces Indian volumes in October
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.
US crude oil stocks rise by 3.9 million barrels
Against market expectations, US commercial crude reserves surged due to a sharp drop in exports, only slightly affecting international prices.
Russia increases oil exports from western ports by 11% in September
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 secures offshore exploration licence in Congo
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 takes full control of two US refineries for $1.4bn
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.
Union strike threatens fuel deliveries from Dangote refinery
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.
ReconAfrica secures offshore block in Gabon with production sharing contract
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 raises $365mn for Maromba FPSO and secures drilling rig
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.
Vantage Drilling signs 260-day contract for the Platinum Explorer
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex signs agreement for potential $25mn funding with Chisos
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ approves 137,000 barrels/day increase starting in October
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Imperial Petroleum invests in seven vessels despite a 22.8% drop in revenue
Imperial Petroleum expanded its fleet to 19 vessels in the second quarter of 2025, while reporting a decline in revenue due to lower rates in the maritime oil market.
OPEC+ prepares for decisive debate on quotas amid surplus risk
Eight OPEC+ members will meet to adjust their quotas as forecasts point to a global surplus of 3 million barrels per day by year-end.
Greek shipowners cut Russian crude links under new compliance rules
Greek shipping companies are gradually withdrawing from transporting Russian crude as the European Union tightens compliance conditions on price caps.
Transneft strategic site targeted in Russia strike
A key station on the Stalnoy Kon pipeline, essential for transporting petroleum products between Belarus and Russia, was targeted in a drone strike carried out by Ukrainian forces in Bryansk Oblast.
Iraq in talks with ExxonMobil for refining capacities in Asia
SOMO is negotiating with ExxonMobil to secure storage and refining access in Singapore, aiming to strengthen Iraq’s position in expanding Asian markets.
European Union redefines import rules for UK oil and gas
The European Union’s new import standard forces the United Kingdom to make major adjustments to its oil and gas exports, impacting competitiveness and trade flows between the two markets.
UK prepares new oil tax regime to revive UKCS competitiveness
The United Kingdom is set to replace the Energy Profits Levy with a new fiscal mechanism, caught between fairness and simplicity, as the British Continental Shelf continues to decline.

Log in to read this article

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