This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
Brent crude saw a modest increase of 0.75% to $82.96, a $0.30 rise from the previous Tuesday, while the U.S. benchmark WTI went up by 1.05% to $77.85, gaining $0.10 from last week.
Cushing's oil inventories rose by 668,000 barrels this week, adding to the previous week's 512,000 barrel increase.
The Department of Energy (DoE) also highlighted a rise in the Strategic Petroleum Reserve (SPR) by 0.7 million barrels as of February 16, reaching a new high of 359.5 million barrels since May 2023.
Oil prices climbed before the API's announcement, fueled by expectations that U.S. refineries would boost operations post-maintenance, potentially reducing crude stockpiles. Market prices also found support from ongoing tensions in Russia and the Middle East.
Gasoline stocks also grew by 415,000 barrels this week, contrasting sharply with the previous week's 7.23 million barrel decrease. Current gasoline reserves are roughly 2% lower than the five-year average for this season, as per the latest Energy Information Administration (EIA) data.
Meanwhile, distillate stocks dropped by 2.908 million barrels, following a 4.016 million barrel decrease the week before. This places distillates 7% below the five-year average for the week ending February 9.
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