IEA calls for largest release of oil reserves to date
March 11, 2026
The API inventory estimates called crude oil down 1.689 million barrels, gasoline down 1.84, and distillates down 2.6.
The average estimates for today’s DOE inventory numbers are crude oil up 2.643 million barrels, gasoline down 2.282, and distillated down 16,000.
Energy markets have been extremely volatile as the markets react to the headlines. Yesterday Energy Secretary Chris Wright posted and then – deleted – a message that said the US Navy had escorted an oil tanker through the Strait of Hormuz, and White House Press Secretary Karoline Leavitt later conceded that no such operation had occurred.
The International Energy Agency is proposing the largest release of oil reserves to date, of about 300 to 400 million barrels, with a decision possible later today.
Reports indicate that three vessels have been hit with some type of projectiles in the Strait of Hormuz, maritime security agencies and sources said, as one of the strikes led to a fire onboard a ship and forced most of its crew to evacuate.
Current markets are hard to figure out as geopolitical events change very rapidly. The Iran situation could get worse, or they could come to an end at any time, and this keeps these markets on edge.
Axios reported that the US has asked Israel to halt strikes on Iran’s energy infrastructure.
The largest oil producers in the Middle East have increased their production cuts and are already cutting output by more than 5 million bpd as the de facto halt of tanker traffic in the Strait of Hormuz has started to affect upstream production.
Over the last five years, propane inventories have averaged a decline of 694,000-barrels for this reporting week. There are questions about exports, so this will be a number that traders look at as they think barrels might be backing up in the US Gulf Coast.