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US Crude Oil and Gasoline Stocks Surge: Latest EIA Report Reveals Significant Increases

Economy Update

Recent data from the United States Energy Information Administration (EIA), released on February 1, highlights notable trends in U.S. petroleum inventories for the week ending January 31. The findings indicate a rise in crude oil and gasoline stocks, contrasted by a decline in inventories of distillate products.

Crude oil inventories in the U.S. increased by 8.7 million barrels, reaching a total of 423.8 million barrels. This surge significantly surpasses analysts’ expectations, which projected a rise of merely two million barrels based on polling data.

According to the EIA, crude oil stocks at the Cushing, Oklahoma delivery hub decreased by 34,000 barrels during the week. Meanwhile, crude input at refineries increased by 160,000 barrels per day during the same period, suggesting higher processing activity.

Additionally, the operating capacity of U.S. refineries saw a modest increase of 1% over the past week, indicative of strengthening operational performance.

Gasoline stocks rose by 2.2 million barrels to total 251.1 million barrels, well above the anticipated increase of 500,000 barrels. In contrast, distillate inventories—which encompass diesel and heating oil—decreased by 5.5 million barrels, ending at 118.5 million barrels. This drop exceeded expectations of a 1.5 million barrel reduction.

The data also revealed that net crude oil imports into the United States fell by 178,000 barrels per day during the previous week.

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