US commercial crude oil inventory dropped by 1 million barrels for the week ended on January 28.
- At 415.1 million barrels, crude oil inventories were nearly 10% below the five-year average levels for this time of the year.
- Total motor gasoline inventories rose by 2.1 million barrels last week, nearly 2% below the five-year average for the same period of the year.
- US crude oil imports rose by 0.8 million barrels per day from the prior week to an average of 7.1 million barrels per day last week.
- Gasoline inventories increased by 2.1 million barrels last week, compared with a build of 1.3 million barrels the prior week. Gasoline production hovered around 8.7M bpd last week, compared to 8.9M bpd a week earlier.
Refineries processed 15.2 million bpd last week, compared with 15.5 million bpd. Imports stood at 7.1 million bpd, compared with 6.2 million bpd for the previous week.
CL! down -0.06%, USOIL down -0.33%
Source: EIA
