The US Energy Information Administration reported a 2.01 million barrel increase in crude oil inventories for the week ending 17 July 2026, against analyst expectations for a draw of 1.052 million barrels, according to Finnhub. Gasoline inventories also rose by 0.765 million barrels, reversing an expected draw of 1.57 million barrels, while distillate stockpiles increased by 1.395 million barrels, exceeding the anticipated 0.738 million barrel build. The official EIA figures confirmed the direction of private API data published the prior evening, which had also shown larger-than-expected builds.
WTI crude was trading at $87.07 at the time of reporting, up $2.70 on the day but below the session high of $88.61, indicating the price had retreated from intraday peaks following the inventory release.
WTI crude (CL) is the benchmark contract directly priced against US commercial crude stockpiles; the reported build represents a direct increase in the supply metric against which WTI is settled. USO, the US Oil Fund ETF, tracks WTI futures and moves in line with changes in that contract. The Energy Select Sector SPDR Fund (XLE) holds major US oil producers and refiners whose revenues are sensitive to WTI price levels.
Commercial crude stockpiles stood at 411.7 million barrels following the build, remaining approximately 6% below the five-year seasonal average, according to EIA data cited by Oilprice. Separately, Oilprice reported that Strait of Hormuz shipping disruptions have been contributing to broader inventory dynamics in recent weeks, with commercial stockpiles excluding the Strategic Petroleum Reserve having declined 57 million barrels over the prior 13-week period.
Sources: investinglive.com, Oilprice