The US crude oil market just witnessed a dramatic twist! Julianne Geiger's report on Oilprice.com reveals a significant surge in crude oil inventories, with a staggering 8.5 million barrel increase in the week ending February 6th, 2026. But here's the catch: this data from the EIA contradicts API's figures, which indicated an even larger 13.4 million barrel rise.
Despite this inventory spike, crude prices climbed higher on Wednesday. Brent crude saw a notable $1.14 gain, trading at $69.94 per barrel, a substantial recovery from the previous week's drop. WTI followed suit, rising by $1.09 to $65.05 per barrel.
The EIA's data also sheds light on motor gasoline and middle distillates. Gasoline inventories grew by 1.2 million barrels, with production reaching 9.1 million barrels daily. Meanwhile, middle distillate inventories took a hit, decreasing by 2.7 million barrels, even as production climbed to an average of 4.9 million barrels daily.
US oil demand, as indicated by total products supplied, held steady at 20.8 million barrels per day over the past month, surpassing last year's figures by 2.4%. However, gasoline demand averaged 8.3 million barrels per day, while distillate demand showed a 3.2% annual decline.
And this is where it gets intriguing: with such a substantial inventory build, will the upward price trend continue? Share your thoughts in the comments below, and let's explore the potential implications together!
