US Energy Information Administration: Crude stocks fell, and fuel rose last week

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Wednesday, January 13, 2021 - 17:27
Point Trader Group
US Energy Information Administration: Crude stocks fell, and fuel rose last week

The United States' crude oil inventories declined while gasoline and distillate inventories increased, the US Energy Information Administration said Wednesday.

Crude inventories fell 3.2 million barrels for the week ending January 8 to 482.2 million, while analysts in a Reuters poll expected a drop of 2.3 million barrels.  

Crude stocks at the delivery point in Cushing, Oklahoma, fell two million barrels last week. Crude consumption by refineries increased by 274,000 barrels per day over the week.

The rate of utilization of refinery capacity rose 1.3 percentage points. US gasoline inventories grew 4.4 million barrels to 245.5 million barrels,  

while analysts in a Reuters poll expected a rise of 2.7 million barrels. Distillate stocks, which include diesel and heating oil, rose 4.8 million barrels to 163.2 million barrels, while they were expected to rise 2.7 million barrels. Net US crude imports increased 1.5 million barrels per day last week, according to the Energy Information Administration.


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