Crude oil inventories in the United States saw a significant increase of 4.247 million barrels for the week ending March 7, according to the American Petroleum Institute (API). This surge surpasses analysts’ expectations, who had forecasted a more modest 2.1 million-barrel rise.
As of early March, crude oil stocks have surged by nearly 17 million barrels in 2025, based on API data calculations. Meanwhile, the Department of Energy (DoE) reported a slight increase in crude oil stocks held in the Strategic Petroleum Reserve (SPR), which climbed by 0.3 million barrels to a total of 395.6 million barrels for the same week. However, the current inventory levels of the SPR remain significantly lower than those before the Biden administration’s withdrawal of oil reserves.
In response to the API report, Brent crude saw a modest gain, rising by $0.31 (+0.45%) to $69.59 per barrel. However, this price reflects a decrease of $0.50 from the previous week. U.S. benchmark West Texas Intermediate (WTI) also increased by $0.25 (+0.38%), reaching $66.28 per barrel, though this was almost $1 lower than last week’s price.
The week also saw a sharp decline in gasoline inventories, which fell by 4.560 million barrels. This followed a smaller reduction of 1.249 million barrels the previous week. Despite the drop, gasoline stocks are now 1% higher than the five-year average for this time of year, according to the latest Energy Information Administration (EIA) data.
Distillate inventories, which include diesel fuel, posted a modest increase, rising by 421,000 barrels in the week ending March 7. This follows a larger increase of 1.136 million barrels in the prior week. Despite the recent gains, distillate inventories remain about 6% below the five-year average, as noted in EIA data for the week ending February 28.
In Cushing, Oklahoma—home to the key delivery point for U.S. oil futures—inventory levels fell by 1.196 million barrels, following an increase of 1.630 million barrels in the previous week.
As these trends unfold, analysts continue to monitor the ongoing shifts in U.S. oil inventories, which have significant implications for both domestic energy markets and global oil prices.