The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.247 million barrels for the week ending March 7. Analysts had expected a 2.1 million-barrel build.

So far this year, crude oil inventories have climbed nearly 17 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 to 395.6 million barrels in the week ending March 7. 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 4:26 pm ET, Brent crude was trading up $0.31 (+0.45%) on the day at $69.59—a $0.50 per barrel dip from this time last week. The U.S. benchmark WTI was trading up on the day as well, by $0.25 (+0.38%) at $66.28—a nearly $1 per barrel decrease from last week’s level.  

Gasoline inventories fell in the week ending March 7, by 4.560 million barrels, after falling by 1.249 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 saw a build this week, adding 421,000 barrels in the latest week. In the week prior, distillate inventories rose 1.136 million barrels. Distillate inventories were already about 6% below the five-year average as of the week ending February 28, 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 1.196 million barrels for the week, after rising 1.630 million barrels in the week prior.

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