US Crude Inventories Unexpectedly Rise: EIA

Crude oil inventories in the US rose by 1.338 million barrels in the week ending January 5, 2024, compared with market expectations of a 0.675 million barrel draw, data from the EIA Petroleum Status Report showed. On the other hand, stocks at the Cushing, Oklahoma, delivery hub went down by 506 thousand barrels, after a 706 thousand rise in the previous week. In the meantime, gasoline stocks soared by 8.029 million barrels, above expectations of a 2.489 million barrel, and distillate fuel inventories rose by 6.528 million barrels, also more than market expectations of a 2.382 million build.

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