US Crude Oil Inventory

## What this measures

This series tracks the volume of crude oil held in commercial storage across the United States, excluding the Strategic Petroleum Reserve. It is measured in millions of barrels and reported weekly by the Energy Information Administration.

## Why it matters

Inventory levels signal the balance between supply and demand in the oil market. Rising stocks suggest supply is outpacing consumption or imports are high, often pressuring prices downward; falling stocks indicate tighter supply conditions, which can push prices higher and affect input costs, logistics expenses, and consumer spending.

## How to read it

A rise in the series means more crude oil is being held in storage, typically reflecting weaker demand or stronger production. A fall signals inventory drawdown, often due to stronger refinery runs or supply disruptions. Compare the level to recent history to assess whether the market is loose or tight.

## What it does not say

It does not capture oil held in the Strategic Petroleum Reserve, nor does it reveal regional distribution, refinery utilization, or the reasons behind inventory changes such as maintenance schedules or export flows.

## Source

The series is published by the Energy Information Administration. Palanor pulls it from the FRED API, operated by the Federal Reserve Bank of St. Louis, each night.