U.S. crude, gasoline stocks rise on weak demand

Both U.S. crude and gasoline inventories rose in the week ending Jan. 20, the Energy Information Administration (EIA) said, on weaker demand for fuel products.

Crude inventories rose by a less-than-expected 533,000 barrels in the last week to 448.5 million barrels, compared with forecasts for a 1 million-barrel rise.

Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day to 19.4 million bpd, EIA data showed.

The four week average for product supplied fell to 18.9 million barrels per day, off nearly 11% from year ago levels.

Though distillate demand fell by a 146,000 barrels per day, distillate stockpiles, which include diesel and heating oil, were down by 0.5 million to 115.3 million barrels, EIA data showed.

Typically, distillate consumption increases during the winter season in the Northern Hemisphere due to heating demand.

U.S. gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.​

Meanwhile, refinery utilization rates rose by 0.8 percentage point, bringing the rate above 80% after falling to the lowest levels lowest since March 2021 the week prior.

Refinery crude runs rose by 128,000 barrels per day in the last week, the EIA said, as refiners ramped back up after a December winter storm caused plants to idle some production.