Crude oil inventories increase Oil prices rise

According to today's oil price website on January 20, crude oil prices rose today after the U.
S.
Energy Information Administration (EIA) reported that crude oil inventories increased by 500,000 barrels
in the week ended Jan.
14.

By comparison, crude inventories fell by 4.
6 million barrels
in the previous week.

A day earlier, the American Petroleum Institute estimated that crude oil inventories would fall by 1.
4 million barrels
.

On the gasoline front, the EIA reported that U.
S.
gasoline inventories increased
again after another two-week spike.
In the week ending Jan.
14, gasoline inventories rose by 5.
9 million barrels
.
By comparison, the total increase in the first two weeks exceeded 18 million barrels
.

Gasoline averaged 8.
7 million barrels per day last week, compared with 8.
6 million barrels
per day the week before.

In middle distillates, the EIA estimates that inventories will fall by 1.
4 million barrels
in the week to Jan.
14.
That compares with an increase of 2.
5 million barrels
in inventories the previous week.

Average production of middle distillates last week was 4.
7 million barrels per day, compared with 4.
8 million barrels
the week before.

Refineries averaged 15.
5 million barrels per day, compared with 5.
6 million barrels
the week before.

Imports were 6.
7 million b/d, compared with 6.
1 million b/d
the week before.

Meanwhile, crude prices hit a seven-year high earlier this week as traders' concerns about supply deepened
.

Goldman added that global inventories are expected to fall to their lowest level in 20 years, amid heightened geopolitical tensions following drone strikes on Abu Dhabi National Oil Corp facilities in the Houthi, Yemen, the Middle East
.

According to Reuters, some sources from OPEC+ believe Brent crude will soon rise to $100 a barrel, a scenario that some investment banks have predicted, but other OPEC+ sources say it is not ideal
for OPEC.