Energy Preview: US Crude Oil Inventories Rise For First Time In Three Months

21 Jan 2022 , 09:03 AM

The US crude oil stockpiles rose for the first time since November last year, latest data from the Energy Information Administration (EIA) stated. Crude-oil stockpiles rose by 515,000 barrels to 413.8 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 1.3 million barrels from the previous week, to 33.5 million barrels. The crude-oil production was unchanged from the previous week at 11.7 million barrels a day, according to the EIA. Gasoline stockpiles climbed by 5.9 million barrels to 246.6 million barrels, hitting 11 month high. Distillate stocks, which include heating oil and diesel fuel, fell by 1.4 million barrels to 128 million barrels, and are now about 16% below the five-year average. The refining capacity utilization rate fell by 0.3 percentage points from the previous week to 88.1%.

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