The US Energy Information Administration (EIA) reported that commercial crude oil stocks rose unexpectedly last week. Stocks increased by 2.5 million barrels in the week of July 25-31, reaching 407 million barrels. Market analysts had forecast a 1.5 million barrel decline.
The data showed that strategic petroleum reserves, which are not included in commercial stocks, decreased by 2.8 million barrels in the same period. Strategic stocks fell to 304.8 million barrels. Gasoline stocks also declined by 1.6 million barrels to 209.7 million barrels.
US daily crude oil production rose by 8,000 barrels in the week to 13.804 million barrels. Crude oil imports increased by 515,000 barrels per day to 6.198 million barrels, while exports rose by 218,000 barrels to 3.685 million barrels.
According to the EIA's July 2026 Short-Term Energy Outlook, US average daily crude oil production is expected to be 13.78 million barrels this year.