US Crude Inventories Jump 17.4 Million Barrels in Biggest Weekly Build Since January 2023

US crude oil inventories surged by 17.4 million barrels in the week ended August 7, the Energy Information Administration reported Wednesday, the largest single-week build since January 2023. The jump was entirely unexpected, with the American Petroleum Institute having flagged a much smaller increase of 9.072 million barrels in its preliminary figures released Tuesday. Commercial stockpiles now stand at 424.4 million barrels, putting them just 2% below the five-year seasonal average.

The EIA data also showed US crude imports from Venezuela climbed to their highest level since September 2024, a factor that likely contributed to the outsized build.