The U.S. Energy Information Administration said today (Wednesday) that both oil and gasoline reserves in the United States increased last week, while distillation stocks declined.
For the week ended January 21, crude stocks rose 2.4 million barrels to 416.2 million barrels, compared to analysts’ expectations of a drop of 700,000 barrels, according to government agency data.
Oil stocks fell 1.8 million barrels last week at a distribution center in Cushing, Oklahoma.
Petrol stocks rose 1.3 million barrels to 247.9 million barrels, the highest level since February 2021, while expected to rise 2.5 million barrels.
Distillation stocks, including diesel and heating oil, fell 2.8 million barrels to 125.2 million barrels last week, while they were expected to fall 1.3 million barrels. Last week, U.S. net crude oil imports fell by 695,000 barrels a day to 3.44 million barrels a day, according to the Energy Information Administration.