Economic Buzz: US Crude Oil Inventories Slide For Seventh Week In Row

13 Jan 2022 , 08:45 AM

The crude oil stockpiles fell to their lowest levels since October 2018, the Energy Information Administration (EIA) said on Wednesday. The US Crude inventories dropped by 4.6 million barrels in the week to January 7 to 413.3 million barrels. US crude inventories have dropped for seven consecutive weeks. However, the US gasoline stocks rose by 8 million barrels in the week to 240.8 million barrels. Gasoline product supplied fell last week to 7.9 million barrels per day, its lowest level since February 2021. The four-week moving average dropped to 8.7 million bpd. Distillate stockpiles (which include diesel and heating oil, rose by 2.5 million barrels. Net U.S. crude imports edged up last week by 784,000 bpd, the EIA said.

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