U. S. Oil reserves hit 2021 highs
2023.01.25 11:25
U. S. Oil reserves hit 2021 highs
By Kristina Sobol
Budrigannews.com – Stockpiles increased for a fifth consecutive week last week, exceeding expectations by less than a third, bringing total inventories to their highest level in 16 months.
According to the Energy Information Administration’s (EIA) Weekly Petroleum Status Report, the quantity increased by 0.533 million barrels in the week ending January 20. The increase was lower than the 0.971 million predicted by industry analysts and was lower than the 8.408 million reported by the EIA for the week prior to January 20.
In addition, it was the lowest crude build that the EIA had reported in the past six weeks.
However, the U.S. Energy Department’s statistical arm stated that crude stockpiles were at their highest level since September 2021.
The EIA reported a build of 1.763 million, which was almost exactly in line with the forecast of 1.767 million. Since the beginning of 2023, gasoline inventories have increased by almost 10 million barrels. The number of gasoline builds reached 3.483M the previous week, with automotive fuel gasoline ranking No. 1 fuel product from the United States.
Distillates, which are refined into, diesel for trucks, buses, trains, and ships, and fuel for jets, have been the strongest component of the U.S. petroleum complex in terms of demand. With, there was a decline of -0.507 million compared to the expected deficit of -1.121 million. Since the beginning of the year, distillate stockpiles have decreased by more than 4 million barrels.
