U.S. crude oil inventories rose by 483,000 barrels this week for the week ending Jan. 12, after analysts had expected 2.4 million barrels, according to the American Petroleum Institute (API). API reported that crude oil inventories decreased by 5.215 billion barrels in the previous week.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) increased by 600,000 barrels again this week. Inventories currently stand at 355.6 million barrels.
Oil prices were mixed ahead of the API data release. As of 4:20 p.m. ET, Brent crude oil was trading 0.26% lower at $78.09, but up $0.67 per barrel compared to the same period last week. U.S. benchmark WTI was trading 0.59% higher on the day at $72.83, or $0.76 per barrel higher than this time last week.
Gasoline inventories continued to rise significantly this week, increasing by 4.86 million barrels, following an increase of 4.896 million barrels the previous week. As of last week, gasoline inventories were about 1% above the five-year average for this time of year, according to EIA data.
Distillate oil inventories also increased by 5.21 million barrels this week, following an increase of 6.873 million barrels the previous week. Distillates are about 4% below the five-year average.
Cushing inventories fell by 1.98 million barrels, following a decline of 625,000 barrels the previous week.
Written by Julianne Geiger, Oilprice.com
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