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U.S. Crude Inventories Rise Sharply, Defying Market Expectations

Latest data shows a 2.4 million barrel increase in crude stocks and a slight SPR gain, while gasoline and distillate inventories continue to decline.

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/ File Photo
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Overview

  • The American Petroleum Institute (API) reported a 2.4 million barrel increase in U.S. crude oil inventories for the week ending April 11, contrary to forecasts of a decline.
  • Year-to-date, U.S. crude inventories have grown by over 24 million barrels, reflecting a significant accumulation trend in 2025.
  • Strategic Petroleum Reserve (SPR) inventories rose by 0.3 million barrels to 397 million, though levels remain far below pre-withdrawal baselines.
  • Gasoline and distillate inventories both saw sharp declines, with gasoline falling by 3 million barrels to reach the five-year average and distillates dropping 3.2 million barrels to remain 9% below the five-year average.
  • Crude prices rebounded by approximately $3 per barrel over the past week, despite intraday declines, highlighting mixed signals in the oil market.