US crude oil inventories unexpectedly jumped by 3.5 million barrels in the week ending January 24th, according to the U.S. Energy Information Administration. This build, in line with seasonal trends, contributed to a decline in crude oil prices, with both WTI and Brent benchmarks trading down from the previous day. The EIA also reported increases in gasoline inventories and a decrease in middle distillate inventories.
Crude oil inventories in the United States saw a large build of 3.5 million barrels during the week ending January 24, according to the U.S. Energy Information Administration. Crude oil prices were trending lower today prior to the release of the U.S. Energy Information Administration, with both the WTI and Brent benchmarks trading down roughly half of a percent.
1 million barrels for the week prior, when production stood at an average 4.7 million barrels daily. Total products supplied over the last four weeks averaged 20.3 million barrels per daya 2.5% increase over this time last year. Gasoline and Distillates products supplied over the last four weeks are also up, 1.8% and 6.9%, respectively, compared to this time last year With the rising inventories, crude oil prices are down week over week, with WTI down nearly $2 per gallon.
CRUDE OIL INVENTORIES PRICES EIA ENERGY
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Crude Oil Inventories Fall Unexpectedly, Gasoline Stocks RiseThe American Petroleum Institute (API) reported a significant drop in US crude oil inventories for the week ending January 3, exceeding analysts' expectations. Gasoline and distillate inventories also saw increases. Meanwhile, the Strategic Petroleum Reserve (SPR) saw a modest rise in crude oil stockpiles.
Read more »
API Reports US Crude Oil Inventories Decline, Brent and WTI RiseThe American Petroleum Institute (API) released data showing a decrease in US crude oil inventories for the week ending January 10, defying analyst expectations. The report also highlighted changes in gasoline and distillate inventories, as well as an increase in the Strategic Petroleum Reserve (SPR). Global benchmark crude prices, Brent and WTI, experienced upward movement following the data release.
Read more »
Oil Rises as Crude Inventories Continue to DrawCrude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.
Read more »
US Crude Oil Inventories Rise Despite Continued Downward TrendThe American Petroleum Institute (API) reported a 2.86 million barrel increase in US crude oil inventories for the week ending January 17, falling short of analysts' expectations. This increase comes despite a broader downward trend in inventories throughout 2024. The Department of Energy (DOE) also reported a 0.2 million barrel rise in the Strategic Petroleum Reserve (SPR), bringing the total to 394.8 million barrels, although still significantly lower than pre-withdrawal levels. Meanwhile, both Brent and WTI crude prices saw slight gains on the day but remained below last week's levels.
Read more »
Crude Prices Surge to Highest Level Since August on US Sanctions Against Russian OilCrude oil prices climbed to their highest point since August as Indian and Chinese refineries actively sought alternative supplies following new US sanctions targeting Russian oil revenue streams. The sanctions, targeting entities involved in transporting Russian oil, sparked concerns about potential supply disruptions, driving prices upwards.
Read more »
Crude, Gasoline Inventories Rise as Distillates See Large DeclineCrude and gasoline inventories saw moderate increases while middle distillate inventories saw a strong draw last week
Read more »