The American Petroleum Institute (API) reported a significant increase in U.S. crude oil inventories, which rose by 9.043 million barrels during the week ending January 31. This surge was far above analysts’ expectations of a 2.8-million-barrel increase.
This follows a 5.025 million barrel rise in crude oil inventories the previous week, with gasoline inventories also showing growth over several weeks.
Earlier this week, the Department of Energy (DoE) announced a slight increase of 0.2 million barrels in the Strategic Petroleum Reserve (SPR) as of February 7. The SPR now holds 395.3 million barrels, which is still significantly lower than pre-withdrawal levels under the Biden administration.
As of 4:09 p.m. ET, Brent crude was trading at $76.92, up by $1.05 (+1.38%) for the day, and $0.92 higher than the previous week. U.S. benchmark WTI also saw a rise, gaining $0.91 (+1.26%) to reach $73.23, marking an increase of roughly $0.60 from last week.
Meanwhile, gasoline inventories declined by 2.507 million barrels during the week ending January 31, partially offsetting a larger 5.426-million-barrel increase the previous week. Gasoline stocks are now slightly above the five-year average for this time of year, according to the latest data from the EIA.
Distillate inventories continued their decline, falling by 590,000 barrels in the most recent week. This follows a much larger drop of 6.979 million barrels the week before. As of January 31, distillate inventories were approximately 12% below the five-year average.
In Cushing, Oklahoma—the critical delivery point for U.S. crude futures—inventory levels rose by 407,000 barrels, according to API data. This follows a smaller increase of 110,000 barrels the previous week.
Related Topics:
- What Is the Brent Crude Oil Price Today (February 10)
- Brent Crude Oil and Silver Prices Struggling, While Copper Price Tests Resistance
- China’s Tariffs May Weaken U.S. Crude Oil Exports