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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.

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.

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