U.S. crude oil stockpiles rose last week for the first time since November while gasoline inventories grew to an 11-month high, the Energy Information Administration (EIA) said on Jan. 20.
Crude inventories rose by 515,000 barrels in the week to Jan. 14 to 413.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 938,000-barrel drop.
“U.S. oil inventories saw the first build in eight weeks as refinery runs dropped to 15.45 million barrels per day, their lowest since mid-November, while imports rebounded strongly,” said Matt Smith, lead oil analyst at Kpler.
Refinery crude runs fell by 120,000 bbl/d to 15.45 million bbl/d and utilization rates fell 0.3 percentage point to 88.1% of total capacity last week, the EIA said.
Net U.S. crude imports rose last week by 21,000 bbl/d, data showed.
U.S. gasoline stocks rose by 5.9 million barrels in the week to 246.6 million barrels, the EIA said, compared with expectations for a 2.6 million-barrel rise.
Inventories of the motor fuel, which tend to increase during the winter season, were now at their highest levels since February 2021.
Overall, fuel demand rose to roughly 21.2 million bbl/d over the past four weeks, bolstered by rising supply of distillates delivered by refiners. That compares favorably to two years ago prior to the onset of the coronavirus pandemic.
Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels last week to 128 million barrels.
The strength in consumption has underpinned a steady rally in crude oil prices, which continued apace on Jan. 20. U.S. crude rose by 75 cents to $87.71/bbl while Brent gained 57 cents to $89.01/bbl as of 11:20 a.m. EST (1620 GMT).
Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 1.3 million barrels in the last week, the EIA said.
Recommended Reading
Dividends Declared in the Week of Aug. 19
2024-08-23 - As second-quarter earnings wrap up, here is a selection of dividends declared in the energy industry.
Gulfport Energy to Offer $500MM Senior Notes Due 2029
2024-09-03 - Gulfport Energy Corp. also commenced a tender offer to purchase for cash its 8.0% senior notes due 2026.
Pembina Completes Partial Redemption of Series 19 Notes
2024-07-08 - The redemption is part of Pembina Pipeline’s $300 million (US$220.04 million) aggregate principal amount of senior unsecured medium-term series 19 notes due in 2026.
Offshore Guyana: ‘The Place to Spend Money’
2024-07-09 - Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.
Bechtel Awarded $4.3B Contract for NextDecade’s Rio Grande Train 4
2024-08-06 - NextDecade’s Rio Grande LNG Train 4 agreed to pay Bechtel approximately $4.3 billion for the work under an engineering, procurement and construction contract.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.