The Energy Information Administration (EIA) published a report on Wednesday indicating that U.S. crude oil inventories decreased more significantly than anticipated for the week ending January 10th. According to the report, there was a drop of 2.0 million barrels in crude oil inventories, following a previous decline of 1.0 million barrels the week before. Experts had forecasted a reduction of 1.6 million barrels. Currently, the U.S. holds 412.7 million barrels in crude oil stockpiles, which is approximately 6 percent below the typical five-year average for this period.
In contrast, the EIA report noted a substantial increase in gasoline inventories, surging by 5.9 million barrels last week, placing them only marginally below the five-year average for this time of year. Furthermore, distillate fuel inventories, encompassing heating oil and diesel, rose by 3.1 million barrels, yet remain around 4 percent under the five-year seasonal average.
