Energy Preview: EIA Says US Crude Oil Inventories Around 10% Lower Than Five Year Average

3 Feb 2022 , 08:49 AM

The US Energy Information Administration (EIA) reported a crude oil inventory drop of 1 million barrels for the week to January 28. The agency said that at 415.1 million barrels, crude oil inventories were around 10% below the five-year average levels for this time of the year. The US Gasoline inventories added 2.1 million barrels last week, according to the EIA, compared with a build of 1.3 million barrels for the previous week. Gasoline production averaged 8.7 million bpd last week, which compared with 8.9 million bpd a week earlier. In middle distillates, the authority estimated an inventory decline of 2.4 million barrels for the last week of January, with production averaging 4.6 million bpd. This compared with an inventory draw of 2.8 million barrels for the previous week and production of 4.8 million bpd. Refineries processed 15.2 million bpd last week, compared with 15.5 million bpd. Imports stood at 7.1 million bpd, which compared with 6.2 million bpd for the previous week.

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