Crude Inventories Rise By 6.2 Million Barrels; WTI Oil Tests The $71.50 Level

On April 2, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by +6.2 million barrels from the previous week, compared to analyst forecast of -2 million barrels.

Gasoline inventories declined by -1.6 million barrels, while analysts expected that they would fall by -1.9 million barrels. Distillate fuel inventories grew by +0.3 million barrels from the previous week.

U.S. crude oil imports increased by 271,000 bpd, averaging 6.5 million bpd. Over the past four weeks, crude oil imports averaged 5.9 million bpd.

Strategic Petroleum Reserve increased from 396.1 million barrels to 396.4 million barrels. The U.S. continues to buy oil for strategic reserves at a moderate pace.

Domestic oil production grew from 13.574 million bpd to 13.580 million bpd and moved closer to the psychologically important 13.6 million bpd level.

WTI oil moved higher as traders reacted to the EIA report. Currently, WTI oil is trying to settle above the $71.40 level.

Brent oil climbed above the $74.50 level after the release of the report. It should be noted that oil traders will likely stay focused on tariff drama and geopolitical developments, so it remains to be seen whether the EIA report will have a material impact on market dynamics today.

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