Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending January 24, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 423.8 million barrels according to government data, which is 3% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories fell by 247,000 barrels.
Crude prices were trading up on Wednesday morning with geopolitical risk premiums continuing to deteriorate as US supply realizes actual winter storm-related disruptions. At 8:45 a.m. in New York, Brent was trading at $68.11 per barrel—up $0.54 (+0.80%) on the day and up more than $3 per barrel week over week. WTI was also trading up, by $0.61 per barrel (+0.98%) in early trade at $63 per barrel.
For total motor gasoline, the EIA reported that inventories had increased by 200,000 barrels after gaining 6 million barrels in the week prior. The most recent figures showed average daily gasoline production increased to 9.6 million barrels. For middle distillates, inventories increased by 300,000 barrels with production decreasing by 268,000 barrels daily to an average of 4.8 million barrels daily.
Total products supplied—a proxy for U.S. oil demand—rose to 20.3 million barrels per day over the last four weeks, down 0.1% compared to the same period last year. Gasoline demand averaged 8.3 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.7 million barrels—down 4.8 percent year over year.
By Julianne Geiger for Oilprice.com
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