U.S. Crude Inventories Surge by 17.4 Million Barrels

U.S. crude oil inventories posted a surprise and massive build last week, rising by 17.4 million barrels to 424.4 million barrels, the largest weekly increase since January 2023, according to data released by the Energy Information Administration on Wednesday. The unexpected surge, which far exceeded analyst expectations for a draw, was driven by a sharp slump in exports and a significant jump in imports.

The EIA report for the week ended August 7 showed inventories at their highest level since June 5. The build was particularly pronounced along the U.S. Gulf Coast, where stocks rose by their most in a week since early 2023. Inventories at the key Cushing, Oklahoma, delivery hub also increased by 1.6 million barrels.

The primary drivers behind the inventory surge were a collapse in exports and a surge in imports. U.S. crude exports fell to 3.06 million barrels per day, their lowest level since November 2025. This decline coincided with a period in which the U.S. has been a key global supplier to offset shortages from the Middle East. Meanwhile, net crude imports rose by 1.77 million barrels per day to their highest since June 2025, with imports from Canada and Venezuela hitting...