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2d ago

Unexpected U.S. Crude Build Ends Five-Week Draw as Markets Anticipate OPEC+ Supply Increase

A surprise 680,000-barrel stock rise has kept oil prices around mid-$60s; traders now await a 411,000 barrels-per-day boost at the July 6 OPEC+ meeting.

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Overview

  • API data showed U.S. crude inventories climbed by 680,000 barrels in the week to June 27, snapping a five-week draw that totaled over 22 million barrels.
  • The U.S. Department of Energy reported a 300,000-barrel refill of the Strategic Petroleum Reserve, bringing stocks to 402.8 million barrels, still well below pre-drawdown levels.
  • Brent crude hovered near $67.15 per barrel and WTI around $65.55 as mixed inventory signals countered a weaker dollar and reduced Middle East risk premiums.
  • Gasoline supplies rose by 1.92 million barrels but remained 3% below the five-year seasonal average, while distillates fell 3.458 million barrels and sat 20% under five-year norms.
  • Kpler figures showed Saudi oil exports jumped by 450,000 barrels per day in June and analysts forecast OPEC+ will restore its full 2.2 million bpd of cuts by the end of the third quarter.