U.S. Crude Oil Inventories Rise to 515K, Gasoline and Distillate Fall, WTI at $62.39: EIA

The U.S. Energy Information Administration (EIA) reported a rise in crude oil inventories by 515,000 barrels for the week ending April 11, slightly above the expected increase of 507,000 barrels. This follows a previous week's build of 2.553 million barrels. The American Petroleum Institute (API) had earlier reported a larger build of 2.4 million barrels in crude oil stocks. In contrast, gasoline and distillate inventories saw significant declines. Gasoline stocks fell by 1.958 million barrels, surpassing the forecasted draw of 1.707 million barrels, while distillate inventories decreased by 1.851 million barrels, exceeding the expected drop of 1.14 million barrels. At the Cushing, Oklahoma, delivery hub, crude oil inventories decreased by 654,000 barrels, a reversal from the prior week's increase of 681,000 barrels. U.S. crude exports reached 5.1 million barrels per day last week, the highest since mid-April 2024. Domestic production stood at 13.462 million barrels per day, and WTI crude oil prices climbed to $62.39 per barrel as markets steadied after weeks of tariff-fueled volatility. Refinery utilization rates fell by 0.4 percentage points, reflecting a nuanced picture of the U.S. petroleum market with crude oil stocks rising while key product inventories continue to draw down.