US crude inventories jump as imports from Mexico surge

The latest data from the U.S. Energy Information Administration shows a surprising shift in oil flows across North America. U.S. crude inventories climbed sharply last week.

While imports from Mexico and Venezuela reached their highest levels since late 2024, highlighting how global tensions and refinery demand are reshaping supply chains.

Here are the most relevant developments in the market:

1. U.S. crude inventories rise sharply 

• U.S. crude stockpiles increased by 6.2 million barrels, reaching 449.3 million barrels for the week ending March 13. 

• Analysts had expected only a 383,000-barrel increase, making the build far larger than forecasts, according to Reuters.

2. Storage at Cushing reaches multi-month high 

• Crude inventories at Cushing, Oklahoma, the main U.S. futures delivery hub, rose by 944,000 barrels. 

• Storage levels there are now the highest since August 2024, indicating growing supply availability.

3. Imports from Mexico and Venezuela accelerate 

• U.S. crude imports climbed to their highest level since November 2024. 

• Shipments from Venezuela hit their highest since December 2024, while Mexican imports reached their highest since November 2024.

This trend reflects refinery demand for heavier crude grades, which many Gulf Coast facilities are designed to process efficiently.

4. Refinery activity continues to climb 

• Refinery crude runs increased by 63,000 barrels per day. 

• Utilization rates rose to 91.4%, showing strong processing activity across the system.

Higher refinery throughput often signals preparation for stronger fuel demand.

5. Gasoline and diesel inventories decline • Gasoline stocks fell by 5.4 million barrels, far exceeding expectations. 

• Distillate inventories, including diesel and heating oil, dropped by 2.5 million barrels.

Falling product inventories can indicate strong consumption or tight supply in refined fuels.

6. Oil prices remain elevated despite the inventory build 

• Brent crude traded near $108.56 per barrel. 

• WTI crude traded around $98.24 per barrel.

Prices stayed strong largely due to geopolitical tensions in the Middle East, which are accelerating global oil movements and creating uncertainty in supply routes.

7. U.S. exports also continue expanding 

• U.S. crude exports jumped by 1.47 million barrels per day, reaching 4.9 million bpd.

This highlights a unique dynamic: the U.S. exports large volumes of light crude while importing heavier grades needed by many refineries.

The big picture

The current data reveals a market in motion. Imports from Latin America are increasing, refinery activity remains strong, and global geopolitical tensions continue to influence oil flows. 

Even with rising inventories, strong demand and supply risks are keeping prices elevated and trade routes active.

US Crude Inventories Jump as Imports from Mexico Surge