USA Crude Oil Stocks Rise More Than 3MM Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.4 million barrels from the week ending January 2 to the week ending January 9.

That’s what the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report, which was released on January 14 and included data for the week ending January 9.

According to this EIA report, crude oil stocks, not including the SPR, stood at 422.4 million barrels on January 9, 419.1 million barrels on January 2, and 412.7 million barrels on January 10, 2025. The report highlighted that data may not add up to totals due to independent rounding.

Crude oil in the SPR stood at 413.7 million barrels on January 9, 413.5 million barrels on January 2, and 394.3 million barrels on January 10, 2025, the report showed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.713 billion barrels on January 9, the report revealed. Total petroleum stocks were up 6.4 million barrels week on week and up 88.1 million barrels year on year, the report pointed out.

“At 422.4 million barrels, U.S. crude oil inventories are about three percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report.

“Total motor gasoline inventories increased by 9.0 million barrels from last week and are about four percent above the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week,” it added.

“Distillate fuel inventories slightly decreased last week and are about four percent below the five year average for this time of year. Propane/propylene inventories decreased 2.4 million barrels from last week and are about 33 percent above the five year average for this time of year,” it continued.

U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending January 9, according to the EIA’s report, which pointed out that this was 48,000 barrels per day more than the previous week’s average.

“Refineries operated at 95.3 percent of their operable capacity last week,” the EIA said in its report.

“Gasoline production increased last week, averaging 9.0 million barrels per day. Distillate fuel production decreased by 18,000 barrels per day last week, averaging 5.3 million barrels per day,” it added.

U.S. crude oil imports averaged 7.1 million barrels per day last week, the EIA noted in its report. It pointed out that this was an increase of 752,000 barrels per day from the previous week.

“Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 5.7 percent less than the same four-week period last year,” the EIA stated in its latest weekly petroleum status report.

“Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 448,000 barrels per day, and distillate fuel imports averaged 220,000 barrels per day,” it added.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, the EIA said in its report, outlining that this was 1.1 percent below the same period last year.

“Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, similar to the same period last year,” the EIA stated.

“Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 2.2 percent from the same period last year. Jet fuel product supplied was up 4.2 percent compared with the same four-week period last year,” it added.

Analyst Take

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone by the SEB team on Thursday, which analyzed the EIA’s latest weekly petroleum status report, SEB Commodities Analyst Ole R. Hvalbye noted that U.S. refinery activity “remains very strong”.

“Crude runs edged higher last week to 17.0 million barrels per day, pushing utilization up to 95.3 percent, which is high for this time of year. Gasoline output increased, while distillate (diesel) production dipped slightly, but overall refinery throughput continues to hum along,” he said in the report.

“On the flow side, crude imports jumped sharply, rising ~750,000 barrels per day to 7.1 million barrels per day. That’s a meaningful rebound WoW, even if the four-week average still sits about six percent below last year,” he added.

“Product imports were mixed, with gasoline imports on the lower side and distillates relatively elevated,” he continued.

Hvalbye went on to highlight in the report that “U.S. commercial crude stocks rose by 3.4 million barrels to 422.4 million barrels, leaving inventories still ~3 percent below the five-year average, but moving in the wrong direction for bulls”.

“The real eye-catcher was products: gasoline inventories surged by 9.0 million barrels and are now ~4 percent above seasonal norms. Diesel inventories edged slightly lower on the week, but remains only ~4 percent below average, while propane inventories fell again yet are still a massive 33 percent above normal,” he said.

“In total, commercial petroleum inventories [excluding the SPR] increased by 6.2 million barrels, confirming broad stock builds across the barrel,” he pointed out.

Hvalbye noted in the report that, “on the demand side, the picture remains soft”.

“Products supplied averaged 20.0 million barrels per day, down 1.1 percent YoY. Gasoline demand was roughly flat, diesel stronger (+2.2 percent YoY), and jet fuel continued to outperform (+4.2 percent YoY), but overall demand growth is not strong enough to prevent inventories from rising,” he said.

“Even with refineries running close to max, higher imports and soft demand continue to push stocks higher. The U.S. balance remains comfortably supplied, reinforcing the broader surplus narrative despite ongoing geopolitical noise,” Hvalbye went on to state.

To contact the author, email andreas.exarheas@rigzone.com