US crude stockpiles edged higher in latest week

US crude oil stockpiles edged higher last week while product inventories continued to surge ahead, government data revealed.

Commercial crude oil inventories increased by just 200,000 barrels over the week ending on 8 January, according to the Energy Information Administration, the Department of Energy’s statistical arm.

Finished gasoline stocks on the other hand jumped by 8.4m barrels and those for distillate fuel by another 6.1m.

Propane/propylene inventories on the other hand fell by 4.5m barrels last week.

Imports of crude oil increased at a pace of 678,000 barrels per day from the previous week.

Refineries operated at 91.2% of their capacity, the DoE said.

On 12 January the American Petroleum Institute reported that gasoline supplies climbed by 7.04m barrel over the same week and those for distillates by another 3.67m.