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Crude Inventories Rise by 4.6 Million Barrels; WTI Oil Tests Session Highs
By: Vladimir Zernov | February 20, 2025

Key Points:

• Strategic Petroleum Reserve remained unchanged at 395.3 million barrels.
• Domestic oil production was mostly unchanged at 13.497 million bpd.
• Oil markets moved higher as traders reacted to the EIA report.

On February 20, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by 4.6 million barrels from the previous week, compared to analyst consensus of +3 million barrels.


More information in our economic calendar

Gasoline inventories decreased by 0.2 million barrels, compared to analyst forecast of +0.7 million barrels. Distillate fuel inventories declined by 2.1 million barrels from the previous week.

U.S. crude oil imports declined by 488,000 bpd, averaging 5.8 million bpd. Over the past four weeks, crude oil imports averaged 6.4 million bpd.

Strategic Petroleum Reserve remained unchanged at 395.3 million as U.S. did not buy oil for strategic reserves.

Domestic oil production increased from 13,494 million bpd to 13,497 million bpd. From a big picture point of view, domestic oil production remains at high levels.

WTI oil gains ground as traders react to the EIA report. Currently, WTI oil is trying to settle above the $72.85 level. Falling gasoline inventories may provide additional support to oil markets.

Brent oil is moving towards the $77.00 level as traders focus on the EIA data. Traders will also focus on the recent disruption of oil supply from Kazakhstan, which continues to serve as a positive catalyst for Brent oil.

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