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U.S. crude inventories rise in week to July 31, defying expected draw

U.S. crude inventories rise in week to July 31, defying expected draw

EIA data showed commercial crude stocks rose by 2.5 million barrels to 407 million barrels, as higher imports and lower refinery runs outweighed expectations for a decline.

Fact Check
The primary EIA Weekly Petroleum Status Report confirms commercial crude oil inventories rose by exactly 2.5 million barrels to 407.0 million barrels for the week ending July 31, 2026, driven by higher imports (+515,000 b/d) and lower refinery runs (−183,000 b/d) — matching every element of the claim. The WSJ report independently confirms the same 2.5 million barrel rise to 407 million barrels and notes it defied an expected 1.2-million-barrel decline. The Rigzone piece further supports the 'defying expected draw' framing by showing analysts had anticipated a build.
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Summary

U.S. crude stockpiles unexpectedly rose in the week ended July 31, with the Energy Information Administration saying commercial crude inventories excluding the Strategic Petroleum Reserve increased by 2.5 million barrels to 407 million barrels. Analysts surveyed by The Wall Street Journal had expected a 1.2 million-barrel decline. The EIA said the increase came as imports rose and refineries operated at a lower rate. Commercial crude inventories were about 6% below the five-year average for this time of year. Earlier detailed reporting for the same week had cited a 2.479 million-barrel build, alongside declines in gasoline and distillate inventories and a sharp increase in Cushing stocks.

Terms & Concepts
  • EIA: The U.S. Energy Information Administration, which publishes weekly data on U.S. oil inventories and related market activity.
  • Strategic Petroleum Reserve: The U.S. government's emergency crude oil stockpile, kept separate from commercial inventories.
  • Cushing stocks: Crude oil inventories held at Cushing, Oklahoma, a key U.S. storage and delivery hub.