February 07, 2024 [Oil Price]- Crude oil inventories in the United States rose this week, by 674,000 barrels for the week ending February 2, according to The American Petroleum Institute (API), after analysts predicted a build of 2.133 million barrels. The API reported a 2.5-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 0.6 million barrels as of February 5. Inventories are now at 357.4 million barrels.

Oil prices were up ahead of the API data release as traders continue to monitor developments in the Middle East and Russia.

At 4:06 pm ET, Brent crude was trading up 0.88% on the day at $78.68,  but down more than $4 per barrel from this time last week. The U.S. benchmark WTI was trading up on the day by 0.93% at $73.46, also down more than $4 per barrel compared to this time last week.

Gasoline inventories saw yet another build this week, rising by 3.652 million barrels after rising by 600,000 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 3.699 million barrels, after falling by 2.1 million barrels in the week prior. Distillates were roughly 5% below the five-year average for the week ending January 26, the latest EIA data shows.

Cushing inventories rose by 492,000 barrels after falling by 2 million barrels in the previous week.

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