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Crude Oil Inventory Increase Offset by Continued Product Inventory Declines
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.593 million barrels for the week ending March 14. Analysts had expected a smaller 1.7 million-barrel build.
So far this year, crude oil inventories have climbed more than 21 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 395.9 million barrels in the week ending March 14. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
At 4:02 pm ET, Brent crude was trading down $0.52 (-0.73%) on the day at $70.55—a nearly $1 per barrel gain from this time last week. The U.S. benchmark WTI was trading down on the day as well, by $0.70 (-1.04%) at $66.88—a $0.40 per barrel increase from last week’s level.
Gasoline inventories fell in the week ending March 14, by 1.708 million barrels, after falling by 4.560 million barrels in the week prior. As of last week, gasoline inventories are now 1% above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories also took a dive this week, shedding 2.146 million barrels in the latest week. In the week prior, distillate inventories rose 421,000 barrels. Distillate inventories were already about 5% below the five-year average as of the week ending March 7, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, fell 1.141 million barrels for the week, after falling 1.196 million barrels in the week prior.
By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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George Doolittle on March 19 2025 said:
Tesla is what is causing this. Also dramatically increasing the reliability of the electrical grid thus driving down distribution costs of fuel delivery in addition to simply not even needing any gasoline or diesel fuel for their vehicle fleet. Also too now are methane powered rockets. "Powering up" such a system requires an incredibly complex system of monitors cameras computers weather forecasting you name it….all amazing news for pipeline operators lead by $kmi Kinder Morgan Energy. Also too drilling for lithium in Arkansas. Tesla presumably many others need that product. This is a revolution in drilling now adding to that still be oil and natural gas …plus Guyana now all of Canada imploding. Not just oil, natural gas, coal also now starting to include food soon building materials, steel, aluminum also too finished product for say F150 trucks or farm tractors. Canada also makes logging equipment even passenger aircraft. USA simply does not need the product at the moment as Tesla started everyone else now following lucid, Rivian, of course Ford of course GM of course Hyundai-Kia Volkswagen who knows who else even Aptera totally new is possible
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