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The US witnessed another sharp rise in gasoline inventory in the week leading to 5 January 2023 despite lower operating rates among refineries in the country. Latest data from the Energy Information Administration (EIA) showed the total motor gasoline stocks rose by 8 million barrels while distillate fuel inventories added 6.5 million barrels from the week before.

The commercial crude inventories increased by 1.3 million barrels to 432.4 million barrels, indicating a 2% below the five-year average at this time of year. 

Refineries operated at 92.9% of their operable capacity, down from 93.5 in the previous week. 

The data showed that domestic crude oil production was unchanged during the week at 13.2 million barrels per day. However, compared to the same period last year, local outputs showed an 8.2% growth.