US crude oil inventories jumped by 17.422 million barrels to 424.4 million barrels in the week ended August 7, marking the largest weekly build since January 2023 and sharply contrasting with market expectations for a 1.4 million-barrel draw. Stocks at the Cushing, Oklahoma, delivery hub increased by 1.768 million barrels over the same period.
Refinery crude runs rose by 26 thousand barrels per day. Gasoline inventories declined by 0.968 million barrels to 208.7 million barrels, slightly undershooting forecasts for a 1.2 million-barrel draw. Distillate stockpiles—which include diesel and heating oil—were essentially unchanged at 107.2 million barrels, compared with expectations for a 1.3 million-barrel decrease.
Net US crude imports rose by 1.768 million barrels per day.
