On April 30, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories decreased by -2.7 million barrels from the previous week, compared to analyst consensus of +0.39 million barrels. At current levels, crude oil inventories are about 6% below the five-year average for this time of the year.
Total motor gasoline inventories declined by -4 million barrels from the previous week, compared to analyst forecast of -1.08 million barrels. Distillate fuel inventories grew by +0.9 million barrels.
U.S. crude oil imports declined by 90,000 bpd from the previous week, averaging 5.5 million bpd. Over the past four weeks, crude oil imports averaged about 5.8 million bpd.
Strategic Petroleum Reserve increased from 397.5 million barrels to 398.5 million barrels. The U.S. has accelerated purchases for strategic reserves, which may provide some support to the market.
Domestic oil production increased from 13.46 million bpd to 13.465 million bpd. From a big picture point of view, domestic oil production stabilized after the pullback from recent highs.
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsWTI oil settled near the $59.60 level as traders reacted to the EIA report. The report may serve as a bullish catalyst for oil markets, although traders may stay focused on the disappointing GDP Growth Rate report from the U.S.
Brent oil made an attempt to settle above the $62.50 level after the release of the EIA data.
For a look at all of today’s economic events, check out our economic calendar.
