The Energy Information Administration (EIA) published a recent report highlighting a significant recovery in U.S. crude oil inventories for the week ending January 24th. The data showed a substantial increase, as crude oil inventories rose by 3.5 million barrels, following a decline of 1.0 million barrels the week prior. Analysts had anticipated an increase of 3.7 million barrels.
With 415.1 million barrels in storage, U.S. crude oil reserves are now approximately 6% below the five-year average for this period. The report further indicated that gasoline inventories experienced an increase of 3.0 million barrels over the same week, bringing them slightly under the five-year average for this time of year.
Conversely, the EIA noted that distillate fuel inventories, encompassing heating oil and diesel, decreased sharply by 5.0 million barrels and currently stand about 9% below the five-year average for this season.
