U.S. crude-oil inventories unexpectedly rose last week as imports surged and exports slipped, the Energy Information Administration said in its weekly report for the period ended 27 June. Commercial stockpiles climbed by about 3.8 million barrels to 419 million, defying analyst expectations for a draw of roughly 3 million barrels. The figure includes a 0.24-million-barrel increase in the Strategic Petroleum Reserve, taking emergency stocks to their highest level since October 2022. The build was driven by a record 2.94 million-barrel-per-day jump in net crude imports to 4.61 million bpd, the most since June 2024. Imports from Canada rose by just over 1 million bpd, while receipts from Nigeria reached their strongest level since August 2019. Crude exports, by contrast, fell 1.97 million bpd to their lowest since July 2023. Refiners processed crude at 94.9% of capacity, yet product balances also shifted. Gasoline inventories increased by 4.2 million barrels when summer driving typically draws supplies, while distillate stocks fell 1.7 million barrels. Total petroleum inventories, including refined products and the SPR, rose 9.6 million barrels to about 1.64 billion. Futures initially pared gains after the data: West Texas Intermediate retreated from early highs, U.S. gasoline contracts extended losses and heating-oil futures advanced on the deeper-than-expected distillate draw. Traders said the surprise crude and gasoline builds may temper near-term bullishness despite refinery demand remaining strong.