Energy Preview: US Crude Oil Inventories Fall 2.4 Million Barrels

27 Jan 2022 , 09:13 AM

The US crude-oil inventories edged up last week as refinery activity dropped to the lowest since early November, according to data released Wednesday by the Energy Information Administration (EIA). The Crude oil stockpiles rose by 2.4 million barrels to 416.2 million barrels, and remain about 8% below the five-year average, the EIA said. Oil stored at Cushing, Okla, the delivery point for US stocks, fell by 1.8 million barrels from the previous week, to 31.7 million barrels.

The US crude oil production fell by 100,000 barrels a day from the previous week to 11.6 million barrels a day, according to the EIA. Gasoline stockpiles climbed by 1.3 million barrels to 247.9 million barrels. Distillate stocks, which include heating oil and diesel fuel, fell by 2.8 million barrels to 125.2 million barrels, the EIA said.

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