US crude oil inventories up by 0.9% for week ending Jan. 16

US commercial crude oil inventories increased by 0.9% during the week ending Jan. 16, according to data released by the Energy Information Administration (EIA) late Thursday.

Inventories rose by around 3.6 million barrels to 426 million barrels, lower than the market prediction of 5.27 million barrels increase.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased 800,000 barrels reaching to 414.5 million barrels, the data revealed.

Over the same period, gasoline inventories increased by around 6 million barrels to 257 million barrels.

– Crude production decreased

EIA data showed that US crude oil production decreased by 21,000 barrels per day (bpd) to about 13.73 million bpd during the week ending Oct 31.

US crude oil imports decreased by 645,000 bpd to approximately 6.44 million bpd, while exports fell by around 618,000 barrels bpd to around 3.68 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on Jan. 14, the EIA predicted that crude oil output in the country would reach an average of 13.59 million bpd in 2026.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)