Prior was -3832K
Gasoline +8977K vs +3565K exp
Distillates -29K vs +512K exp

That’s a mammoth gasoline build on top of another huge one last week. It will be tough to keep oil prices up with that much product in the system.

Private oil inventories released late yesterday:

Crude +5270K
Gasoline +8230K
Distillates +4340K

Given the private survey, the big build in the official numbers isn’t a huge surprise .That said, earlier oil gains have faded with WTI at $61.69 from a high of $62.10.

The Energy Information Administration (EIA) Weekly Petroleum Status Report is widely considered the definitive gauge of US crude oil and refined product inventories. Released every Wednesday at 10:30 AM ET, the data provides a comprehensive overview of the current supply and demand dynamics within the United States, the world’s largest oil consumer.

While the American Petroleum Institute (API) releases private inventory data the evening prior, the EIA report is the official government record and typically commands greater market attention. Traders and analysts closely monitor the headline crude oil inventory changes—categorized as “builds” (increases) or “draws” (decreases)—to assess market balance.

However, a holistic view requires looking beyond the headline crude number. Market participants scrutinize stockpiles at the Cushing, Oklahoma storage hub (the delivery point for WTI futures) as well as refined product inventories, specifically gasoline and distillates. These metrics offer critical insights into consumer demand and refinery utilization rates.

Given its scope, the release often triggers immediate price volatility in energy markets. It serves as a key fundamental input for assessing whether the market is oversupplied or tightening, influencing price direction for WTI and Brent crude benchmarks.

Following the EIA report, the market will look to OPEC and the US administration for hints about upcoming energy policy. Venezuela remains in focus as Trump tries to boost production quickly.