EIA: US crude inventories climbed despite lower imports as refinery processing rises

US commercial crude oil inventories (excluding the Strategic Petroleum Reserve) increased by 3.5 million barrels to 439.3 million barrels in the week ending 27 February 2026. At this level, crude stocks remain approximately 3% below the five-year average for this time of year.

Upstream, domestic crude production remained largely stable, edging down nominally by 6,000 barrels per day (bpd) to 13.7 million bpd. Meanwhile, refinery activity picked up, with crude oil inputs averaging 15.8 million bpd—an increase of 180,000 bpd from the previous week’s average. Consequently, the refinery utilisation rate increased to 89.2% of operable capacity.

Trade dynamics tightened the supply flow, failing to offset the crude build. US crude oil imports averaged 6.3 million bpd, decreasing by 335,000 bpd from the previous week. Similarly, crude exports retreated, falling by 316,000 bpd to average 4.0 million bpd, reducing the outflow of domestic barrels.

Refined product inventories displayed divergent trends amid higher output. Total motor gasoline stocks decreased by 1.7 million barrels to 253.1 million barrels, leaving them about 4% above the five-year seasonal average. Conversely, distillate fuel inventories increased by 0.4 million barrels to 120.8 million barrels, remaining 3% below seasonal norms. Gasoline production increased to 9.3 million bpd, while distillate production rose by 61,000 bpd to average 4.8 million bpd.

Demand indicators remained robust. Total products supplied, a proxy for demand, averaged 21.0 million bpd over the last four-week period, up 4.2% from the same period last year. Core fuel consumption was mixed; motor gasoline product supplied averaged 8.5 million bpd, down 0.2% year-on-year, while distillate fuel supplied averaged 4.2 million bpd, an increase of 4.1% compared to year-ago levels. Jet fuel demand continued to show strength, rising 6.8% over the same four-week window.

Written by: Aiman Haikal