Crude Inventories Rise By 3.5 Million Barrels, Exceeding Analyst Estimates

On May 14, 2025, EIA released its Weekly Petroleum Status Report. The report indicated that commercial crude inventories increased by 3.5 million barrels from the previous week, compared to analyst forecast of -1 million.

Gasoline inventories declined by -1 million barrels, compared to analyst forecast of -0.6 million barrels. Distillate fuel inventories decreased by -3.2 million barrels from the previous week.

Strategic Petroleum Reserve increased from 399.1 million barrels to 399.7 million barrels as the U.S. continued to buy oil for strategic reserves.

Domestic oil production grew from 13.367 million bpd to 13.387 million bpd. It looks that domestic oil production has stabilized after the recent pullback. The rebound in the oil markets may provide additional support to domestic production in the upcoming weeks.

WTI oil  moved lower as traders reacted to the EIA report. Currently, WTI oil is trying to settle below the $63.00 level. Traders focus on rising crude inventories, which is bearish for oil markets.

Brent oil  pulled back towards the $66.00 level after the release of the EIA data. From a big picture point of view, traders have started to take some profits off the table after the strong rebound from May lows.

For a look at all of today’s economic events, check out our economic calendar.