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EIA: US commercial crude inventories surged on accelerated imports ahead of early-April tariff announcementsLower refinery utilisation rates also contributed to the rise in crude stockpile. Data from EIA showed that refiners in the country operated at approximately 86% through the week, down by 1 percentage point from the week before. |
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US commercial crude oil inventories increased by 6.2 million barrels in the week ending 28 March 2025, a surprising uptick given the tapering of the refinery maintenance season. Despite this gain, stockpiles remained 4% below the five-year average for this period, reaching a total of 439.8 million barrels.
The sharp rise in inventories was largely driven by a notable uptick in crude oil imports, which rose by 271,000 barrels per day to an average of 6.5 million barrels per day. The surge reflects accelerated buying activity ahead of anticipated government announcements on trade tariffs, expected in early April.
Lower refinery utilisation rates also contributed to the rise in crude stockpile. Data from EIA showed that refiners in the country operated at approximately 86% through the week, down by 1 percentage point from the week before.
Total motor gasoline inventories – a proxy for demand health, saw a 1.6 million barrel drawdown, bringing the latest figure to 237.6 million barrels.
On the production front, domestic crude production showed a modest increase of 6,000 barrels per day, reaching 13.580 million barrels per day.
Written by: Derek Yong
