Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million barrels to 398.5 million barrels in the week ending April 25. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 18, the report showed. Total petroleum stocks were down 0.3 million barrels week on week and up 5.9 million barrels year on year, the report revealed.
Despite bullish inventory and mere hopes that the trade war will not escalate, global economic concerns look set to put significant limitations on how far crude could climb in this climate. The World Trade Organization (WTO) slashed its 2025 global trade growth forecast from +3.0% to -0.2%, citing escalating tariff risks. If the U.S. proceeds with reciprocal tariffs, global trade could shrink by as much as -1.5%, raising fears of reduced energy demand.
Crude oil in the SPR stood at 397.0 million barrels on April 11, 396.7 million barrels on April 4, and 364.9 million barrels on April 12, 2024, the report revealed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 11, the report highlighted. Total petroleum stocks were down 1.8 million barrels week on week and up 3.2 million barrels year on year, the report outlined.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 397 million barrels in the week ending April 11. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a build of 6.037 million barrels in U.S. crude oil inventories amid a small gasoline draw. The Brent benchmark was trading up 0.01% at 10:28 a.m. ET at $74.50—a roughly $1 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.18% at $71.33—a roughly $1.60 per barrel rise over last week’s levels.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on February 21, the report showed. Total petroleum stocks were down 2.2 million barrels week on week and up 16.6 million barrels year on year, the report outlined.
The report, which was released on January 29 and included data for the week ending January 24, showed that crude oil stocks, not including the SPR, stood at 415.1 million barrels on January 24, 411.7 million barrels on January 17, and 421.9 million barrels on January 26, 2024. The EIA report highlighted that data may not add up to totals due to independent rounding.
That’s what Chris Weston, Head of Research at Pepperstone, said in a market analysis sent to Rigzone on Monday, highlighting that the buyers are “now in firm control of the tape, with Brent futures pushing through the 200-day moving average”.
“With refinery retirements already announced and rising production, fewer imported barrels will be needed while exports are likely to tick higher with greater crude availability,” said Matt Smith, Kpler lead Americas oil analyst.