U.S. Crude Oil Stockpiles Post Weekly Decline as Imports Fall

By Anthony Harrup

U.S. crude oil inventories fell last week as imports declined and exports rose, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down 2.3 million barrels at 423.8 million barrels in the week ended Jan. 23, and were about 3% below the five-year average for the time of year, the EIA said.

Crude stocks were expected to have risen by 1 million barrels, according to a Wall Street Journal survey of analysts.

Oil stored in the SPR increased by 515,000 barrels to 415 million barrels. Crude stocks at Cushing, Okla., the Nymex delivery hub, were down by 278,000 barrels at 24.8 million barrels.

The EIA estimated U.S. crude oil production at 13.7 million barrels, down by 36,000 barrels a day from the previous week. Crude imports dropped by 804,000 barrels a day to 5.6 million barrels a day, while exports rose by 901,000 barrels a day to 4.6 million barrels a day.

Refineries ran at 90.9% of capacity, down from 93.3% the previous week, with crude input to refineries falling by 395,000 barrels a day to 16.2 million barrels a day. Refinery runs were forecast to have fallen by 0.6 of a percentage point in the Journal survey.

Gasoline inventories rose by 223,000 barrels to 257.2 million barrels and were 5% above the five-year average, the EIA said. Gasoline demand was 923,000 barrels a day higher at 8.8 million barrels a day. Gasoline stocks were expected to have risen by 1 million barrels.

Distillate fuel stocks rose by 329,000 barrels to 132.9 million barrels versus expectations of a 1.4-million-barrel withdrawal, and were about 1% above the five-year average. Distillate fuel demand was up by 544,000 barrels a day at 4.1 million barrels a day.

 
Change in U.S. oil inventories for the week ended Jan. 23: 
 
                   Crude       Gasoline      Distillates        Refinery Use 
EIA data:          -2.3           0.2            0.3                -2.4 
Forecast:           1.0           1.0           -1.4                -0.6 
 

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

January 28, 2026 11:18 ET (16:18 GMT)