According to WPB, US inventories of asphalt and road oil declined to 19.595 million barrels in the reporting period ending November 6, 2026, extending a prolonged reduction in petroleum-based road construction material stocks. Official figures released by the US Energy Information Administration (EIA) on November 12 show that inventories fell by 318,000 barrels, or approximately 1.6%, from 19.913 million barrels on October 30.
The decline represents the nineteenth consecutive weekly reduction in the EIA's national inventory series. Since June 26, when stocks stood at 28.717 million barrels, the total has decreased by approximately 9.122 million barrels, equivalent to 31.8%. The sustained drawdown highlights the substantial movement in US inventories during the second half of 2026.
The reduction continued throughout October and into November. At the beginning of October, inventories stood at 22.100 million barrels. They subsequently declined to 21.998 million barrels on October 9, 20.937 million on October 16, 20.667 million on October 23, and 19.913 million on October 30, before reaching 19.595 million barrels on November 6.
The latest figures therefore show that the reduction has been persistent rather than confined to a single reporting period. Between October 2 and November 6 alone, reported inventories decreased by 2.505 million barrels, or approximately 11.3%.
Despite the prolonged decline, the year-on-year comparison presents a different picture. EIA historical data show that inventories stood at 18.083 million barrels on November 7, 2025. The latest 2026 level is therefore approximately 1.512 million barrels, or 8.4%, higher than the comparable period of the previous year.
This comparison is important for interpreting market conditions. Although stocks have fallen substantially since June, the November inventory level remains above the corresponding figure for 2025. The data establish a sustained reduction in inventories but do not, on their own, demonstrate a nationwide shortage of road-grade bitumen.
The EIA reports these products under the category "Asphalt and Road Oil." In US petroleum terminology, asphalt includes petroleum-derived bituminous materials used primarily in road construction, including asphalt cement, fluxes, and certain asphalt-based products. Road oil is a related heavy petroleum product used in road surface treatment and dust control. The inventory category therefore covers a broader range of materials than conventional paving-grade bitumen alone.
The figures also measure stored products rather than completed asphalt pavement mixtures. EIA inventory statistics include domestic and customs-cleared foreign stocks held at, or in transit to, refineries and bulk terminals, as well as material held in pipelines. The reported volumes should consequently be interpreted as petroleum product inventories within the US supply and distribution system.
The trend is relevant to the seasonal operating cycle of the American road construction industry. Demand for paving materials typically changes as construction activity shifts across the year, while refiners and distributors adjust production, deliveries, and storage levels. The 2025 historical series also recorded substantial inventory reductions between the middle of the year and November, demonstrating the importance of seasonal comparisons when assessing current stock movements.
For US bitumen producers and distributors, inventory levels are an important indicator of the balance between available supply, deliveries, and storage requirements. Lower stocks can influence purchasing and replenishment decisions, particularly for terminals supplying asphalt-mixing plants and road construction contractors. The commercial implications depend on regional availability, refinery production, and the timing of material deliveries.
The latest inventory figures also provide context for recent developments in North American bitumen pricing. Market assessments for early November recorded price reductions in several US regions, including the East Coast, Midwest, and Gulf Coast. The simultaneous decline in reported inventories demonstrates that stock movements and selling prices do not necessarily follow the same direction over short periods.
For international bitumen traders, the US inventory series provides a useful measure of domestic market conditions, but it is not a direct indicator of import demand or export availability. Changes in international trade must be assessed alongside domestic production, consumption, refinery operations, and actual import and export volumes.
The decline to 19.595 million barrels marks a continuation of the substantial inventory drawdown recorded since late June 2026. However, the fact that stocks remain 8.4% above their comparable 2025 level provides essential context for evaluating the market.
For the global bitumen industry, the EIA figures highlight the importance of monitoring petroleum-based road material inventories alongside regional selling prices and refinery supply. The latest data confirm a prolonged reduction in US stocks without establishing a corresponding nationwide supply shortage or price increase.
By WPB
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