Crude oil inventories in the United States saw an increase of 1.4 million barrels during the week ending March 7, according to new data from the U.S. Energy Information Administration released on Wednesday.

Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration, rebounding from a slide earlier in the week, even after the American Petroleum Institute (API) reported on Tuesday a build of 4.247 million barrels in U.S. crude oil inventories amid strong product draws. The Brent benchmark was trading up 1.32% at 10:20 a.m. ET at $70.48 —a $1 per barrel increase over this time last week. The WTI benchmark, meanwhile, was trading up 1.55% at $67.28—a gain of just under $1 per barrel from last week’s level.

For total motor gasoline, the EIA estimated that inventories decreased by 5.7 million barrels for the week to March 7, with production averaging 9.6 million barrels daily. This compares with an inventory decrease of 1.4 million barrels for the previous week and an average daily production of 9.6 million barrels daily.

For middle distillates, the EIA estimated another inventory decrease, this time of 1.6 million barrels, with production dropping to an average of 4.5 million barrels daily. This compares to an inventory dip of 1.3 million barrels in the week prior, when production stood at a more robust average of 5.2 million barrels daily. The inventory slide is in line with seasonal norms and is now 5% below the five-year average for this time of year.

Total products supplied over the last four weeks were up week over week, averaging 20.7 million barrels per day—a 3.9% increase over this time last year. Distillate products supplied over the last four weeks are up 9.5% compared to this time last year, while gasoline products supplied were up 0.1% from the same period last year.

By Julianne Geiger for Oilprice.com Mar 12, 2025