Base oil inventories in the United States are shrinking as domestic demand accelerates, according to the latest figures published by the U.S. Energy Information Administration.
Product supplied, the agency’s primary measure of consumption, passed 4 million barrels in March, the highest monthly level since 2023. On a trailing 12-month basis, it averaged about 3.15 million in the year ended March 2026, compared with about 2.3 million in the previous 12-month period, translating into growth of 37%.
Production rose to 5.24 million barrels in March, up 8% from 4.85 million a year earlier, as manufacturers responded to stronger domestic demand.
Exports declined 16.2% year on year to 3.43 million barrels from 4.09 million barrels, while imports increased 20.4% to 1.58 million barrels from 1.31 million barrels. Despite higher production and rising imports, exports continued to exceed replenishment volumes.
The U.S. was still a net exporter of base oils and lubricants, although its trade surplus narrowed to 1.85 million barrels in March from 2.78 million in the same month of 2025.
End-of-month inventories stood at 10.37 million barrels, down 10.9% from 11.64 million a year earlier. Stocks also fell by 633,000 barrels from February, indicating a tightening supply-demand balance as domestic consumption strengthened.