U.S. crude inventories rise by most in 3.5 years as exports slump

Total product supplied, a proxy for demand, fell by **335,000 bpd** to **20.64 million bpd**. "Ongoing weakness in crude exports has combined with a massive jump in imports to drive on the second largest crude inventory build in history - with the vast majority of the build happening on the Gulf Coast," said Matt Smith, commodity research director at Kpler. Crude stocks along the U.S. Gulf Coast rose by their most in a week since January 2023. Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI rose by **1.6 million barrels**. U.S. crude exports fell last week to their lowest level since November 2025 at **3.06 million bpd**, also marking their lowest point since the start of the Iran war, in which the U.S. has stepped up as a key global supplier to fill supply gaps left by a shortage of Middle Eastern barrels. "This week's report shows a big oil inventory build, which looks anomalous. Exports were unusually low and imports were high. This would be bearish for oil if more builds appear in future reports, but seems more likely to be a one-off," said Josh Young, chief investment officer at Bison Interests. Net U.S. crude imports USOICI=ECI rose by **1.77 million bpd**, EIA said, their highest since June 2025, with imports from Canada and Venezuela hitting multi-month highs. "Today’s numbers are very noisy because of tankers unloading in the U.S., but they don’t alter the challenging fundamental picture. The SPR continues to shrink and gasoline was drawn down. Markets will likely look past this report and keep focusing on headlines out of the Middle East," said David Russell, Global Head of Market Strategy at TradeStation. U.S. crude stocks excluding barrels in the Strategic Petroleum Reserve posted a surprise build and made their largest weekly gain since January 2023 last week as exports slumped, the Energy Information Administration said on Wednesday. Crude inventories rose by **17.4 million barrels** to **424.4 million barrels** in the week ended **August 7**, their highest level since **June 5**, the EIA said, compared with analysts' expectations in a Reuters poll for a **1.4 million-barrel draw**. Refinery crude runs USOICR=ECI rose by **26,000 barrels per day** in the week, the EIA said. Refinery utilization rates USOIRU=ECI fell by **0.3 percentage points** to **96.2%**. U.S. gasoline stocks USOILG=ECI fell by **1 million barrels** in the week to **208.7 million barrels**, the EIA said, compared with analysts' expectations in a Reuters poll for a **1.2 million-barrel draw**. U.S. gasoline futures RBc1 extended their losses and were down **0.63%** after the data showed a smaller-than-expected stock draw in gasoline stocks. Distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by **10,000 barrels** in the week to **107.1 million barrels**, versus expectations for a **1.3 million-barrel drop**, the EIA data showed. U.S. diesel futures HOc1 reversed losses after the data and rose **0.54%** after the data, despite the smaller-than-expected diesel stockdraw.

U.S. crude inventories rise by most in 3.5 years as exports slump

Demand proxy falls

Exports fall and imports jump

Unexpected crude inventory build

Refinery activity and product stocks

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