US crude oil inventories up 0.9% for week ending Jan. 27

US commercial crude oil inventories increased by 0.9% during the week ending Jan. 27, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 4.1 million barrels to 452.7 million barrels, against the market expectation of a decrease of around 1 million barrels.

However, strategic petroleum reserves, excluded from commercial crude stocks stayed unchanged at 371.6 million barrels last week, the data revealed.

Gasoline inventories increased by 2.6 million barrels to 234.6 million barrels over the same period.

– Crude production rises

EIA data showed that US crude oil imports increased by 1.38 million barrels per day (bpd) to around 7.28 million bpd during the week ending Jan. 27, while crude oil exports decreased by 1.2 million bpd to about 3.49 million bpd.

US crude oil production, meanwhile, fell by 1,000 bpd to 12.65 million bpd over the same period.

In the January Short-Term Energy Outlook (STEO), the EIA forecasted that crude oil output in the US would average 12.41 million bpd in 2023, up from 11.86 million bpd in 2022.

Crude oil output in the country in 2024 is forecast to reach 12.81 million bpd.

• January Short-Term Energy Outlook