The surge in domestic supply occurred as import volumes climbed by 117,000 barrels a day to 5.8 million, while exports simultaneously dipped by 368,000 barrels a day to 3.4 million. Despite the weekly increase, total commercial stocks remain roughly 6% below the five-year seasonal average. At the Nymex delivery hub in Cushing, Oklahoma, reserves tightened, falling by 674,000 barrels to 19.4 million.

Downstream activity saw refinery utilization slip slightly to 96.1%, with crude inputs dropping to 17.1 million barrels a day. Gasoline inventories also rose by 765,000 barrels to 211.3 million, defying analyst projections of a 1.1 million barrel decline, even as gasoline demand ticked up by 103,000 barrels a day. Meanwhile, distillate stocks grew by 1.4 million barrels to 109.6 million, significantly outpacing the modest 100,000 barrel build anticipated by the market.