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US Oil Stocks Surge Unexpectedly: What It Means
16 Jan
Summary
- Crude oil inventories unexpectedly rose by 3.4 million barrels last week.
- Gasoline stocks saw a significant increase, building for the ninth week.
- U.S. crude oil production dipped slightly while imports increased.
In the week concluding January 9, 2026, U.S. crude oil inventories registered an unexpected increase of 3.4 million barrels, bringing the total to 422.4 million barrels. This rise, driven by increased imports, defied analyst predictions which had anticipated a decline. Commercial crude stocks, excluding the Strategic Petroleum Reserve, were reported to be 3% below the five-year average for this time of year.
Further complicating the market outlook, gasoline inventories saw a significant jump of 9 million barrels, marking the ninth consecutive weekly increase. This build places gasoline stocks approximately 4% above the five-year average. Concurrently, U.S. crude oil production experienced a minor decrease of 58,000 barrels per day, though crude imports rose considerably by 752,000 barrels per day.
Refinery operations showed increased activity, with capacity utilization climbing to 95.3% and crude input to refineries rising. Distillate fuel stocks remained largely unchanged, holding steady at 129.2 million barrels and remaining about 4% below their five-year average. The overall data suggests a complex interplay of supply and demand dynamics within the U.S. energy sector.
