United States: Crude Oil Stockpiles Decrease Less Than Expected

Crude oil stockpiles in the United States decreased by one million barrels last week, a figure lower than expected, due to a drop in exports despite intensified refining activities.

Share:

The recent data from the U.S. Energy Information Administration (EIA) reveals a smaller-than-expected reduction in commercial crude oil stockpiles in the United States. During the week ending January 3, reserves fell by only one million barrels, whereas analysts had anticipated a two-million-barrel decline, according to a consensus reported by Bloomberg.

This result is attributed to a significant drop in exports, which fell by 20.13% over the week. Similarly, imports decreased, recording a 7.19% decline. These variations offset the increase in refinery activity, with capacity utilization rising from 92.7% to 93.3% during the same period.

Stock Decreases in Cushing and Increases on the Gulf Coast

In detail, stockpiles in Cushing, the main delivery terminal for West Texas Intermediate (WTI), recorded a significant decrease of 2.5 million barrels. However, the U.S. Gulf Coast experienced an increase of 4.9 million barrels, primarily due to reduced exports.

Despite this reduction, national crude oil production remained steady, close to its record level at 13.56 million barrels per day, compared to 13.57 million the previous week.

Short-Term Outlook

According to Matt Smith, an analyst at Kpler, increased refinery maintenance in the coming weeks could reverse this trend, leading to a rise in crude oil stockpiles. The market, sensitive to these fluctuations, reacted to the publication of this data with a decrease in WTI crude oil prices. As of 16:35 GMT, WTI for February delivery was down 1.01%, at $73.39 per barrel.

These developments reflect the complex dynamics of the U.S. oil market, marked by constant adjustments between exports, refining capacity, and domestic consumption.

Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Occidental Petroleum announces a decrease in its production in the Gulf of Mexico in the second quarter, citing third-party constraints, extended maintenance, and scheduling delays.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.
Oil stocks in the United States saw an unexpected rise of 7.1 million barrels as of July 4, defying analyst expectations of a decline, according to the U.S. Energy Information Administration (EIA).
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.
VAALCO Energy continues to operate the Baobab field by renovating its floating platform, despite modest production. This strategy aims to maintain stable profitability at low cost.
An empty reservoir exploded at a Lukoil-Perm oil facility in Russia, causing no injuries according to initial assessments pointing to a chemical reaction with oxygen as the cause of the accident.
The British Lindsey refinery has resumed fuel deliveries after reaching a temporary agreement to continue operations, while the future of this strategic site remains under insolvency proceedings.
McDermott secures contract worth up to $50 million with BRAVA Energia to install subsea equipment on the Papa-Terra and Atlanta oil fields off the Brazilian coast.