EIA: US crude stockpiles remain near three year high amid global oil risks
The SPR releases could have been aimed to ease price pressure amid the US Israel war in Iran, which has elevated risk premiums.
US crude inventories rose to their highest level in nearly three years last week, while gasoline and distillate stocks drew down, reflecting strong demand and ongoing Middle East tensions, the EIA reported Wednesday.
Crude climbed 3.1 million barrels to 464.7 million, far above the 701,000‑barrel forecast, while the Strategic Petroleum Reserve fell 1.7 million barrels to 413.3 million. The releases could have been aimed to ease price pressure amid the US‑Israel war in Iran, which has elevated risk premiums.
US production held at 13.7 million bpd, up 77,000 bpd year on year, while imports averaged 6.3 million bpd, down 130,000 bpd from last week. Net imports fell 758,000 bpd, underscoring tightening flows as global oil markets navigate heightened geopolitical and logistical pressures.
Fuel inventories contrasted sharply: total motor gasoline fell 1.6 million barrels to 239.3 million, exceeding expectations, while distillate imports remained modest. The divergence underscores robust downstream demand as geopolitical uncertainty is amplifying US oil market sensitivity.
Written by: Farid Muzaffar