Crude Inventories Rise By 1.7 Million Barrels; WTI Oil Tests Session Highs

On March 19, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by 1.7 million barrels from the previous week, compared to analyst forecast of +1.1 million barrels.

Total motor gasoline inventories declined by 0.5 million barrels, compared to analyst forecast of -2.0 million barrels. Distillate fuel inventories decreased by 2.8 million barrels from the previous week.

U.S. crude oil imports declined by 85,000 bpd, averaging 5.4 million bpd. Over the past four weeks, crude oil imports averaged 5.6 million bpd.

Strategic Petroleum Reserve increased from 395.6 million barrels to 395.9 million as the U.S. continued to buy oil for strategic reserves.

Domestic oil production declined from 13.575 million bpd to 13.573 million bpd. Domestic production remains at high levels, which is bearish for oil markets.

WTI oil settled near the $67.00 level as traders reacted to the EIA report. Rising crude inventories may put some pressure on the oil markets, although traders will likely stay focused on trade wars, tensions in the Middle East and negotiations about a potential ceasefire in Ukraine.

Brent oil continued its attempts to settle above the $70.50 level after the release of the EIA data.

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