The Energy Information Administration (EIA) released a report on Wednesday indicating a significant rise in U.S. crude oil inventories for the week ending January 31st, surpassing previous forecasts. According to the report, crude oil inventories increased by a striking 8.7 million barrels last week, following a 3.5 million barrel rise the week before. Analysts had predicted a smaller increase of 3.2 million barrels.
At their current level of 423.8 million barrels, U.S. crude oil reserves are approximately 5% below the five-year average for this time of year, as noted by the EIA.
The report also highlighted a 2.2 million barrel increase in gasoline inventories, which are now slightly above the five-year seasonal average.
Conversely, distillate fuel inventories, encompassing both heating oil and diesel, experienced a decline of 5.5 million barrels last week, placing them roughly 12% below the typical five-year average for this period.
