US oil inventories surge amid export decline
The United States experienced a historic jump in crude oil inventories over the week, increasing by 17.4 million barrels. This marks the largest rise since January 2023 and brings total stocks to their highest level since June of last year at 424.4 million barrels. The increase was driven by a decline in exports to the lowest levels since November 2025 and an uptick in imports, especially from Canada and Venezuela, leading to significant accumulation of oil, particularly in the Gulf region. Despite this rise, gasoline and distillate inventories continued to decline, indicating sustained strong demand for fuels. Analysts expect this increase to be temporary, as markets remain vigilant to risks stemming from the war in the Middle East and its impact on global oil supplies, especially with forecasts projecting a reduction in global oil output by 4.3 million barrels per day in 2026.
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