Home Investing News U.S. crude inventories up 0.5M barrels last week, stockpiles at Sept. 2021 highs

U.S. crude inventories up 0.5M barrels last week, stockpiles at Sept. 2021 highs

by

U.S. crude inventories up 0.5M barrels last week, stockpiles at Sept. 2021 highs By Investing.com

Breaking News

‘;

Commodities 50 minutes ago (Jan 25, 2023 11:00AM ET)

(C) Reuters.

By Barani Krishnan

Investing.com — U.S. crude stockpiles rose for a fifth straight week last week, with less than a third of expected gains although that still bumped up total inventories to their highest in 16 months.

U.S. crude inventories rose by 0.533M barrels during the week ended Jan. 20, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report. The build was less than the 0.971M forecast by industry analysts and compared with the rise of 8.408M reported by the EIA during the previous week to Jan 20.

It was also the lowest reported by the EIA in the series of crude builds recorded over the past six weeks.

The statistical arm of the U.S. Energy Department, however, said at their current standing, crude stockpiles were at the highest since September 2021.

On the gasoline inventory front, the EIA reported a build of 1.763M, almost spot on with the forecast of 1.767M. Gasoline inventories have gone up by almost 10 million barrels to date since 2023 began. In the previous week, gasoline builds stood at 3.483M. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With distillate stockpiles, there was a decline of -0.507M versus the expected deficit of -1.121M. In the previous week, distillate draws stood at 1.939M. Distillates, which are refined into heating oil, diesel for trucks, buses, trains, and ships, and fuel for jets, have been the strongest component of the U.S. petroleum complex in terms of demand. Distillate stockpiles have fallen by more than 4 million barrels since the start of the year.

U.S. crude inventories up 0.5M barrels last week, stockpiles at Sept. 2021 highs

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News