Photo by Amanda Drane

Crude inventories rose 2.4 million barrels from the previous week, the Energy Department reported Wednesday. Still, at 416 million barrels, inventories are about 8% below the five-year average for this time of year.

Mark Mulligan, Houston Chronicle/Team Photographer

Commercial crude oil inventories rose last week although they remain below normal for January.

Crude inventories rose 2.4 million barrels from the previous week, the Energy Department reported Wednesday. Still, at 416 million barrels, inventories are about 8% below the five-year average for this time of year.

Gasoline inventories also rose by 1.3 million barrels last week, but are still around 2% below average.

Distillate inventories, which include diesel and fuel oil, fell 2.8 million barrels last week and are 17% below January’s five-year average. Inventories of all petroleum products fell by 4.1 million barrels.

Oil demand remains strong. Over the previous four weeks, consumption of all petroleum products averaged 21.2 million barrels per day, up 12% from a year earlier. Gasoline demand, at 8.2 million barrels per day, was up 6% from the same period in 2021.

Crude was up about 2% by mid-morning Wednesday at $87.58 a barrel.

[email protected]

About The Author

Related Posts