Crude oil inventories in the United States increased by 423,000 barrels in the week that ended March 1st, private data from the American Petroleum Institute (API) reportedly showed on Tuesday. Distillate inventories are said to have declined by 1.8 million barrels, whereas gasoline stockpiles saw a decline of 2.8 million barrels. During the corresponding week, reserves in Cushing, Oklahoma, allegedly added 500,000 barrels.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of March 1. Inventories are now at 361 million barrels—the highest level since May 2023.
Cushing inventories rose again this week, by 500,000 barrels after rising by 1.825 million barrels in the previous week.