Crude Inventories Fall By 2.3 Million Barrels; WTI Oil Tests Session Lows

On February 26, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 2.3 million barrels from the previous week, compared to analyst forecast of +2.5 million barrels.

Gasoline inventories increased by 0.4 million barrels from the previous week, compared to analyst forecast of -1.3 million barrels. Distillate fuel inventories grew by 3.9 million barrels from the previous week.

Crude oil imports increased by 98,000 bpd, averaging 5.9 million bpd. Over the past four weeks, crude oil imports averaged 6.2 million bpd.

Strategic Petroleum Reserve remained unchanged at 395.3 million barrels. It looks that the U.S. has decided to stop buying oil for strategic reserves.

Domestic oil production increased from 13.497 million bpd to 13.502 million bpd. From a big picture point of view, domestic oil production remains mostly unchanged.

WTI oil pulled back as traders reacted to the EIA report. Currently, WTI oil is trying to settle below the $68.50 level. Rising gasoline inventories may serve as an additional bearish catalyst for oil markets.

Brent oil moved towards the $72.50 level after the release of the EIA data. Traders remain worried about the strength of demand in the upcoming months.

For a look at all of today’s economic events, check out our economic calendar.