Crude Inventories Rise By 4.1 Million Barrels; WTI Oil Remains Under Pressure

On February 12, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by 4.1 million barrels from the previous week, compared to analyst forecast of +3 million barrels.

Gasoline inventories declined by 3.0 million barrels, while analysts expected that they would increase by 1.5 million barrels. Distillate fuel inventories grew by 0.1 million barrels from the previous week.

Crude oil imports averaged 6.3 million bpd, declining by 606,000 bpd from the previous week. Over the past four weeks, crude oil imports averaged 6.6 million bpd, so this week’s imports were below the four-week average.

Strategic Petroleum Reserve increased from 395.1 million bpd to 395.3 million bpd as U.S. continued to buy oil for reserves.

Domestic oil production increased from 13.478 million bpd to 13.494 million bpd. From a big picture point of view, domestic oil production remains at high levels.

WTI oil remained under pressure as traders reacted to the EIA report. Currently, WTI oil is trying to settle below the $72.00 level. Traders take some profits off the table after the strong rebound from recent lows.

Brent oil settled near the $76.00 level after the release of the report. It remains to be seen whether falling gasoline inventories will provide sufficient support to the market.

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