Crude Oil Inventories Decline, Gasoline Stocks Increase
The United States saw a decrease in crude oil inventories last week, while gasoline and distillate inventories experienced an increase.
According to the U.S. Energy Information Administration (EIA) on Wednesday, crude oil stocks fell by 2 million barrels to 412.7 million barrels for the week ending January 10. This was contrary to analysts’ expectations in a Reuters poll, which predicted a drop of 992,000 barrels.
On the other hand, crude oil inventories at the Cushing, Oklahoma delivery hub increased by approximately 765,000 barrels during the same week.
Refinery crude runs decreased by 255,000 barrels per day.
The EIA also reported that gasoline inventories rose by 5.9 million barrels to 243.6 million barrels, exceeding analysts’ expectations of a 2 million barrel increase.
Distillate inventories, which include diesel and heating oil, saw an uptick of 3.1 million barrels to 132 million barrels, against forecasts for an 800,000-barrel rise.
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