January 31, 2024 [Oil Price]- Crude oil inventories in the United States fell again this week, by 2.5 million barrels for the week ending January 26, according to The American Petroleum Institute (API), after analysts predicted a draw of 867,000 barrels. The API reported a 6.674-million-barrel dip in crude inventories in the week prior.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.9 million barrels as of January 26 for the second week in a row. Inventories are now at 366.4 million barrels.

Oil prices were up ahead of the API data release amid geopolitical turbulence in the Red Sea area that has seen several oil vessels under attack by Yemeni Houthis. Oil prices are also up week on week, with the geopolitical unrest commingling with reports of Saudi Arabia’s about-face on building oil production capacity to 13 million bpd.

At 3:47 pm ET, Brent crude was trading up 0.58% at $82.86,  up nearly $3 per barrel from this time last week. The U.S. benchmark WTI was trading up on the day by 1.43% at $77.88, also up about $3 per barrel compared to this time last week.

Gasoline inventories saw another build this week, rising by 600,000 barrels after rising by 7.183 million barrels in the week prior. As of last week, gasoline inventories were about 1% above the five-year average for this time of year, according to the latest EIA data.

Distillate inventories fell this week by 2.1 million barrels, after falling by 245,000 barrels in the week prior. Distillates are roughly 4% below the five-year average.

Cushing inventories fell by 2 million barrels after falling by 2.031 million barrels in the previous week.

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