The EIA report shows that as of the week ending March 7, USA's commercial crude oil inventory, excluding the Strategic Petroleum Reserve, increased by 1.448 million barrels to 0.435 billion barrels, a growth rate of 0.33%, which is lower than the market expectation of 2.001 million barrels, marking the highest inventory level since the week of July 19, 2024. The Strategic Petroleum Reserve (SPR) inventory increased by 0.275 million barrels to 0.3956 billion barrels, a growth rate of 0.07%, the highest since the week of November 4, 2022.

Additionally, for the week ending March 7, USA's crude oil exports decreased by 0.846 million barrels per day to 3.29 million barrels per day. The four-week average supply of USA crude oil products was 20.66 million barrels per day, an increase of 3.89% compared to the same period last year. Domestic crude oil production in the USA rose by 0.067 million barrels to 13.575 million barrels per day. USA's commercial crude oil imports, excluding the Strategic Petroleum Reserve, were 5.47 million barrels per day, a decrease of 0.343 million barrels per day from the previous week.

It is worth noting that the week ending March 7 saw the largest decline in USA EIA gasoline inventory since the week of October 4, 2024. USA gasoline futures continued to rise after the EIA data showed a larger than expected decline in USA gasoline inventories. The crude oil import volume, excluding the Strategic Petroleum Reserve, was at its lowest since the week of March 24, 2023. The crude oil export volume was at its lowest since the week of January 3, 2025.