On January 4th, according to a report released by the US Energy Information Agency (EIA) on Thursday, US gasoline and distillate inventories recorded a significant increase last week due to declining demand, while crude oil inventories fell more than expected.

According to EIA data, as of the week ending December 29th, US gasoline inventories increased by 10.9 million barrels to 237 million barrels, with analysts expecting a decrease of 215,000 barrels.

During the week, distillate oil inventories, including diesel and heating oil, increased by 10.1 million barrels to 125.9 million barrels, with analysts expecting an increase of 588,000 barrels.

The demand indicator - gasoline supply decreased by 1.2 million barrels per day to 8 million barrels per day, marking the largest weekly decline since December 2022.

The supply of distillate fuel oil has dropped to 2.7 million barrels per day, the lowest level since 1999.

Kpler analyst Matt Smith stated that the increase in finished oil inventory is not only due to high refinery processing volume, but also due to the implied sluggish demand after the holiday.

Gasoline, heating oil, and crude oil futures all saw an increase in decline after the EIA report was released.

The report also shows that as of the week ending December 29th, US crude oil inventories decreased by 5.5 million barrels to 431.1 million barrels, due to strong refinery processing and companies seeking to avoid year-end storage taxes, leading to export growth. Analysts expect a decrease of 3.7 million barrels.

As of the week ending December 29th, crude oil inventories in Cushing, Oklahoma, the delivery location of NYMEX crude oil futures, increased by 706,000 barrels.

The report shows that the crude oil processing volume of the refinery increased by 121,000 barrels per day that week. The utilization rate of refinery capacity increased by 0.2 percentage points from the previous week to 93.5%.

EIA data shows that the net import of crude oil from the United States decreased by 758,000 barrels per day during the week.

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