US Crude Oil Stocks Increase While Fuel Supplies Dip

The latest weekly data from the U.S. Energy Information Administration (EIA) indicates a significant uptick in the nation's crude oil reserves. In the week leading up to February 5th, crude oil stockpiles jumped to 439.5 million barrels, showing a 12 million barrel increase from the week prior.

Distillate and Gasoline Inventories Decline

Despite the rise in crude inventories, the EIA reported decreases in other key fuel categories. Distillate fuel inventories, which include crucial heating oil, declined by 1.9 million barrels. Moreover, gasoline stocks saw a substantial drop of 3.7 million barrels for the same week.

Refinery Operations and Production Levels

Refinery activity also garnered attention in the EIA's report. Refineries were found to be operating at 80.6% of their available capacity during the reported week. In terms of output, the daily production averaged at 9.2 million barrels.

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