US Crude Inventories Surge as Market Prices Climb

The government data stands in contrast to figures released a day earlier by the API, which had estimated a modest decline of 328,000 barrels. Despite the influx of supply, futures markets reacted positively on Wednesday morning. Brent crude ticked up $0.39 to reach $91.41 per barrel, while WTI rose $0.47 to settle at $85.41. Both benchmarks have gained roughly $3 per barrel over the past seven days.

Refined products showed a mixed performance across the board. Gasoline inventories grew by 700,000 barrels as daily production climbed to 9.7 million barrels. Conversely, middle distillates dropped by 1.5 million barrels, leaving those reserves 13% below the five-year average. Demand metrics remain tepid, with total products supplied averaging 20.5 million barrels per day over the last four weeks—a 2.9% decrease compared to the same period in 2023.