US commercial crude oil stocks rose by 4.7 million barrels in the week ending 6 November 2026, the US Energy Information Administration (EIA) said on Thursday, 12 November. The build defied analysts' expectations of a 1.1 million-barrel draw and ended a run of five straight weekly withdrawals.

Commercial stockpiles now stand at 414.4 million barrels, still about 4% below the five-year average for this time of year, according to the EIA. The official figures were released a day later than usual because of the Veterans Day holiday in the United States.

A smaller build than the API suggested

The EIA's figure was considerably smaller than the preliminary estimate from the American Petroleum Institute (API), which had reported a 9.0 million-barrel build a day earlier. The gap underlines why traders treat the industry survey as a guide rather than a verdict: the two reports use different samples and methods, and they often disagree.

The previous week, crude stocks had fallen by 865,000 barrels. The swing from a draw to a 4.657 million-barrel build was the largest surprise in the report, coming in 5.766 million barrels above the consensus forecast for a draw.

Fuel stocks built too

The build was broad-based. Motor gasoline inventories rose by 1.8 million barrels to 210.8 million barrels, against expectations for a small draw, after shrinking by 200,000 barrels the week before. Distillate stockpiles, which include diesel and heating oil, grew by 4.1 million barrels to 103.3 million barrels, versus expectations for a 1 million-barrel drop. Distillate stocks are now 8% below the five-year average.

Total commercial petroleum inventories increased by 11.4 million barrels over the week. Stocks at Cushing, Oklahoma, the delivery hub for US crude futures, rose by 106,000 barrels. Refinery crude runs rose by 322,000 barrels per day, utilisation rates rose by 0.7 percentage points, and net US crude imports rose by 544,000 barrels per day. US crude production was estimated at 14 million barrels a day, up 10,000 barrels a day on the week.

Brent steadies after the morning slide

Oil prices had fallen sharply in early trading on Thursday, with Brent futures down 1.47 dollars, or 1.58%, to 91.29 dollars a barrel by 0426 GMT, as easing fears of an escalation in the Middle East cut the risk premium in crude markets. Rising OPEC+ output and growing US inventories added to worries about oversupply.

By 10:36 in New York, Brent futures were trading at 93.29 dollars a barrel, up 0.53 dollars, or 0.57%, on the day, as the market steadied after the EIA release. Even so, Brent remained roughly 7.50 dollars a barrel below its level a week earlier, a reminder of how far prices have fallen from their recent highs.

Why it matters

A build in crude stocks points to supply running ahead of demand, which tends to weigh on prices if it persists. For now, though, stocks remain below their five-year average, and total products supplied, a proxy for US oil demand, averaged 20.8 million barrels per day over the last four weeks, up 0.9% on a year earlier. Traders will watch next week's EIA report to see whether the build was a one-off or the start of a new trend.