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US commercial crude oil inventories decreased by 9.2 million barrels in the week ending January 19, 2024, due to unexpected disruptions in production or deliberate decisions by oil-producing entities to curb outputs amid harsh weather conditions.

At 420.7 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year. Meanwhile, net imports fell more than 50% to just 1.15 million barrels per day.

Total motor gasoline inventories increased by 4.9 million while distillate fuel inventories decreased by 1.4 million barrels – a condition industry experts deemed understandable considering the reduced demand for driving during the current winter storm. 

On the other hand, propane/propylene inventories decreased by 8.4 million barrels from last week standing 4% above the five-year average for this time of year. 

Utilisation rates at US refineries fell sharply by 7.1% to 85.5% in the week.