Weekly Crude Oil Inventory Changes

In a recent update from the Energy Information Administration (EIA), it was revealed that commercial crude oil inventories in the United States, excluding the Strategic Petroleum Reserve (SPR), saw a decrease of two million barrels, bringing the total to 412.7 million barrels for the week ending January 10.

Refinery Operations and Production

During the same period, crude oil refinery inputs averaged 16.6 million barrels per day (bpd), marking a decrease of 255,000 bpd from the previous week. Refineries operated at 91.7% of their operable capacity. Notably, gasoline production saw an increase, averaging 9.3 million bpd, whereas distillate fuel production experienced a decline, averaging 5.2 million bpd.

Crude Oil Imports and Petroleum Inventories

Crude oil imports decreased by 304,000 bpd to an average of 6.1 million bpd on a weekly basis. In addition, total commercial petroleum inventories decreased by 3.4 million barrels, indicating a significant shift in the U.S. oil market dynamics.