(Reuters) – U.S. crude stocks rose to their highest level since May 2025 last week, the Energy Information Administration said on Wednesday, as exports and imports declined.
Crude inventories rose by 3.5 million barrels to 439.3 million barrels in the week ended February 27, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel rise.
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Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels in the week, the EIA said, hitting their highest level since August 2024.
Net U.S. crude imports fell last week by 19,000 barrels per day, EIA said, while exports declined by 316,000 bpd to roughly 4 million bpd.
“Rebounding refining activity and a dip in imports has kept the crude build in check. This week’s build mostly occurred at Cushing and on the Gulf Coast – a trend we should expect going forward as high freight rates provide headwinds for US crude exports and as seasonal refinery maintenance persists,” said Matt Smith, an analyst with Kpler. Oil futures remained in negative territory following the report. Global Brent crude futures were trading at $80.86 a barrel, down 54 cents, while U.S. West Texas Intermediate futures were off 36 cents at $74.20 a barrel.
Refinery crude runs rose by 180,000 barrels per day, the EIA said, while utilization rates rose by 0.6 percentage points in the week to 89.2%.
Total product supplied, a proxy for demand, fell by 1.59 million bpd to 19.87 million bpd.
Distillate stockpiles, which include diesel and heating oil, rose by 429,000 barrels in the week to 120.8 million barrels, versus expectations for a 2.6 million-barrel drop, the EIA data showed.
U.S. gasoline stocks fell by 1.7 million barrels in the week to 253.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 784,000-barrel draw.
“We are in shoulder season, gas demand is going to be weaker and then we have the turnaround season,” said Phil Flynn, a senior analyst with Price Futures Group. He added the turnarounds, when refiners go into maintenance, would likely lead to more builds in crude stocks over the next few weeks.
Reporting by Liz Hampton in Denver; Editing by Chizu Nomiyama
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