Increase in US oil inventories!

The US Energy Information Administration (EIA) announced that the country's commercial crude oil inventories rose by approximately 1 million 200 thousand barrels last week to reach 421 million 900 thousand barrels. Market expectations were for a decrease of 2 million 500 thousand barrels in inventories.

Strategic crude oil inventories, which are not included in commercial crude oil inventories, increased by 900 thousand barrels to reach 357 million 400 thousand barrels.

During the same period, US gasoline inventories also increased by approximately 1 million 200 thousand barrels to 254 million 100 thousand barrels.

INCREASE IN OIL IMPORTS

US crude oil imports increased by an average of 25 thousand barrels per day last week compared to the previous week, reaching 5 million 605 thousand barrels, while crude oil exports decreased by an average of 540 thousand barrels per day to 3 million 894 thousand barrels.

The country's daily crude oil production was recorded as 13 million 433 thousand barrels for the week of January 20-26, an increase of 706 thousand.

According to the EIA's "January 2024 Short-Term Energy Outlook Report," the US average daily crude oil production is expected to be 13 million 210 thousand barrels this year and 13 million 440 thousand barrels next year.