According to the Energy Information Administration (EIA), U.S. crude oil inventories rose by 2.423 million barrels during the week ending February 1st.
This marks the seventh consecutive week of increases and the highest levels in 20 months. The industry analysts were anticipating a build of 2.457 million barrels. Over the past seven weeks, the total crude build has been nearly 37 million barrels.
In addition to the increase in crude oil inventories, there were also increases in gasoline and distillate stockpiles. The EIA reported a build of 5 million barrels in gasoline inventories, which has gone up by nearly 16 million barrels since the start of 2023. Distillate stockpiles rose by 2.932 million barrels, after a build of 2.32 million barrels the previous week. Distillates are refined into heating oil, diesel fuel, and jet fuel, which were previously the strongest component of the U.S. petroleum complex in terms of demand.
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