January 02, 2026 [Reuters]- U.S. crude stocks fell while gasoline and distillate inventories rose last week on robust refining activity, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts’ expectations in a Reuters poll for a 867,000-barrel draw. Analysts pointed to ad valorem taxes applied to crude inventories – which typically prompt a reduction in stocks – as a reason for the drawdown.

“Year end numbers tend to be distorted, the implication of this EIA report would be bullish oil and bearish refining, but inventory shifting due to year-end tax burdens make this one less meaningful,” said Josh Young, chief investment officer for Bisons Interests.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 543,000 barrels in the week, the EIA said.

Oil futures pared earlier gains following the report. Global Brent crude futures were trading at $61.38 a barrel, up 5 cents at 10:43 a.m. ET (1543 GMT), while U.S. West Texas Intermediate futures were at $58 a barrel, also up 5 cents.

Refinery crude runs rose by 71,000 barrels per day, the EIA said, while utilization rates rose by 0.1 percentage points in the week to 94.7%. Gulf Coast refinery utilization rose to its highest level since June 2023.

U.S. gasoline stocks rose by 5.8 million barrels in the week to 234.3 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel build.​

Distillate stockpiles, which include diesel and heating oil, rose by 5 million barrels in the week to 123.7 million barrels, versus expectations for a 2.2 million-barrel rise, the EIA data showed.

Total product supplied, a proxy for demand, fell by 934,000 bpd to 19.38 million bpd.

Net U.S. crude imports fell last week by 957,000 bpd, EIA said. U.S. commercial crude oil imports, excluding those from the Strategic Petroleum Reserve, fell to their lowest level since February 2021 last week. Imports from Mexico were their lowest on record.