According to the EIA’s Weekly Petroleum Status Report (WPSR) released this morning for the week ended August 7, net imports surged 1.8 MMb/d to 4.3 MMb/d (red dashed oval in chart below), their highest weekly level since June 2025. Put simply, net imports measure the amount of crude entering the U.S. minus the amount shipped overseas. When net imports rise, more barrels are effectively staying at home, adding to the domestic crude supply available to refiners or storage.
Last week the U.S. crude balance was a reprieve from fears in recent months of a global crude shortage, with imports jumping and exports sinking. As discussed in this week’s Crude Oil Billboard, imports soared 1.1 MMb/d to 7.4 MMb/d, the highest volume since November 2024. Meanwhile, as discussed in this week's Crude Voyager, exports plunged just 3 MMb/d. The swing was especially dramatic on the Gulf Coast, where PADD 3 imports leapt nearly 800 Mb/d to 1.9 MMb/d. With more crude pouring in and fewer barrels heading offshore, PADD 3 inventories ballooned by 15 MMbbl, accounting for the lion’s share of the nationwide crude stock build.
Canadian imports rose to 4.4 MMb/d, their highest since March 2025, while Venezuelan flows skyrocketed 80% to nearly 750 Mb/d, marking their strongest week since August 2017. Imports from countries outside the U.S.’s major crude trading partners also surged by more than 600 Mb/d to 1.1 MMb/d, adding another sizable slug of supply. The sharp jump in net imports means substantially more crude was left on U.S. shores last week. That influx, coupled with the export pullback, helped flip the domestic balance looser and fueled the massive inventory build of over 17 MMbbl.
