US crude stocks grow for fourth consecutive week

Front-month ICE Brent crude futures inched $0.20/bbl lower in the half hour after official weekly figures from the US Energy Information Administration (EIA) were released today.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Commercial US crude stocks jumped by 8.4 million bbls to 448.01 million bbls in the week ending 13 January, according to official Energy Information Administration (EIA) data. The crude stocks have grown to their highest level since June 2021.

The build was even greater than an earlier 7.6 million-bbl build estimate by the American Petroleum Institute (API).

Strategic Petroleum Reserves (SPRs) held steady at 371 million bbls, as nearly no SPR crude was released in the week ending 13 January.

Gasoline stocks gained by 3.48 million bbls on the week, which may signal weaker demand.

US refinery utilisation increased by one percentage point to a three-week high of 85.3%. Refinery utilisation has averaged 85% this month, down from 90-94% in November and December.

By Nithin Chandran

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