EIA weekly crude oil inventories +8530K vs +793K anticipated

• Prior was -3455K
• Gasoline+1160K vs -362K
• Distillates -2703K
• Refinery utilization -1.1%

There were some waves late yesterday when the API survey showed this:

• Crude +13.4M
• Gasoline +3.3M
• Distillates -2.0M

There have been some big swings in these numbers lately and I have to assume it’s because some Venezuelan crude is coming into the visible market from the shadow market.

For the week ending January 16, 2026, U.S. commercial crude oil inventories rose by 3.6 million barrels to 426.0 million barrels, exceeding expectations for a 1.1 million-barrel build, with stocks at Cushing, Oklahoma rising 1.5 million barrels. The week ending January 23 saw crude stocks decline by 2.3 million barrels to 423.8 million barrels, defying expectations for a 1.75 million-barrel increase. Most recently, for the week ending January 30, crude inventories fell by 3.5 million barrels to 420.3 million barrels, surpassing forecasts for a 2.0 million-barrel draw. Throughout this period, crude inventories remained approximately 3-4 percent below the five-year seasonal average.

For background, the Weekly Petroleum Status Report, published by the US Energy Information Administration every Wednesday at 10:30 a.m. ET, provides timely data on crude oil and petroleum product supply, inventories, refinery operations, and prices across the United States and its five Petroleum Administration for Defense Districts. The report tracks commercial crude oil stocks excluding the Strategic Petroleum Reserve, along with inventories of gasoline, distillate fuels including diesel and heating oil, and propane. These inventory levels influence petroleum product prices and serve as key indicators of supply-demand balance in energy markets, making the report closely watched by traders, policymakers, and industry participants. The data reflects the week ending approximately nine days before the release date.

WTI crude oil was up $1.05 to $65.01 per barrel before the report.