U.S. Reports Increase in Crude Oil Stocks Amidst Fluctuations in Distillate and Gasoline Inventories

The latest data released by the U.S. Energy Information Administration (EIA) indicates a significant increase in crude oil inventories across the United States for the week ending on January 29. The reported stockpile has reached a total of 427.4 million barrels, marking an uptick of 5.5 million barrels compared to the prior week's figures.

Rise in Crude Oil Reserves

The nation's crude oil reserves have seen a sizeable weekly rise, as inventory levels hit 427.4 million barrels. This escalation reflects ongoing shifts in both supply and demand within the energy sector.

Distillates and Gasoline Stocks Take a Dip

Contrary to the increase in crude oil, the EIA's data highlighted a decrease in inventories for other key petroleum products. Distillates, which include crucial heating oil, underwent a reduction of 3.2 million barrels. Similarly, gasoline reserves also experienced a downturn, with a decrease of 3.1 million barrels in comparison to the preceding week.

Refinery Activity and Production

The report also sheds light on refinery operations which stood at 82.4% of their potential capacity during the week in question. In terms of output, the average production was tallied at 9 million barrels per day.

crude, inventory, EIA