U.S. Energy Information Administration (EIA) weekly petroleum status report

EIA and API Report U.S. Crude Oil Inventories Drop to Lowest Since April 2022, Cushing Stocks Rise

Jan 15, 2025, 03:30 PM

The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 1.962 million barrels for the week ending January 10, 2025, surpassing the expected drawdown of 0.85 million barrels. This reduction brought crude oil stocks, excluding the Strategic Petroleum Reserve (SPR), to their lowest level since April 2022. The SPR itself saw an increase of 0.066 million barrels. In contrast, gasoline inventories rose by 5.852 million barrels, and distillate stocks increased by 3.077 million barrels. The Cushing, Oklahoma, crude oil inventory saw an increase of 0.765 million barrels. Additionally, the American Petroleum Institute (API) had earlier reported a drawdown in crude oil stocks by 2.6 million barrels, which was less than the anticipated 3.5 million barrels. The API also noted increases in gasoline and distillate stocks by 5.39 million and 4.88 million barrels, respectively. Overall, US petroleum inventories fell by 2.942 million barrels, with production decreasing by 82,000 barrels per day and refinery utilization dropping by 1.60%.