U.S. crude inventories surged by over 6 million barrels last week as import levels climbed.
According to data provided by the U.S. Energy Information Administration, U.S. commercial crude oil inventories increased by 6.5 million barrels from the previous week.
The gains pushed U.S. crude oil inventories up to 494.8 million barrels, placing inventories at “near the upper limit of the average range for this time of year.”
U.S. crude oil refinery inputs averaged over 15.9 million barrels per day during the week ending January 27, a 100,000 bpd decline from the previous week’s average.
Refineries operated at 88.2 percent of their operable capacity last week.
Gasoline production increased last week, averaging 9.1 million bpd.
Distillate fuel production increased last week, averaging 4.7 million bpd.
U.S. crude oil imports averaged 8.3 million bpd last week, up by 480,000 bpd from the previous week.
Over the last four weeks, crude oil imports averaged 8.4 million bpd, 5.3 percent above the same four-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components,last week averaged 488,000 bpd.
Distillate fuel imports averaged 236,000 bpd last week.
Total motor gasoline inventories increased by 3.9 million barrels last week and are now above the upper limit of the average range, the EIA said.
Finished gasoline inventories declined last week while blending components inventories increased.
Distillate fuel inventories added 1.6 million barrels last week and are well above the upper limit of the average range for this time of year.
Propane/propylene inventories declined by 5.6 million barrels last week but are still in the upper half of the average range.
Total commercial petroleum inventories surged by 5.3 million barrels last week.
Total products supplied over the last four-week period averaged over 19.3 million bpd, marking a 1.9 percent year-over-year decline.
Over the last four weeks, motor gasoline product supplied averaged over 8.2 million bpd down by 5.7 percent from the same period last year.
Distillate fuel product supplied averaged 3.7 million bpd over the last four weeks, a 5 percent boost from the same period last year.
West Texas Intermediate prices ticked up to $53.46 per barrel just before noon on Wednesday, up from a previous close of $52.81 per barrel.
Brent crude prices rose slightly to $55.70 per barrel on Wednesday, up from $55.23 per barrel at Tuesday’s closing bell.