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Oil Slips as EIA Reports Crude Draw, Sharp Builds in Gasoline, Distillate Stocks
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Why This Matters
US crude oil inventories decreased by 3.8 million barrels, while gasoline and distillate stockpiles increased, according to the EIA's latest report. This draw in crude inventories is a positive sign for oil prices. The decrease in crude inventories is still below the five-year average.
Market Impact
Market impact analysis based on bullish sentiment with 80% confidence.
Sentiment
Bullish
AI Confidence
80%
Time Horizon
Short Term
Article Context
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Crude oil inventories in the United States posted a sharp draw last week, even as gasoline and distillate stockpiles recorded sizable builds, according to new data released Wednesday by the U.S. Energy Information Administration (EIA). U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 3.8 million barrels in the week ending January 2, bringing total stockpiles to 419.1 million barrels. Crude inventories remain roughly 3% below the five-year average for this time of year. Refinery activity edged higher on the…
Original article published by
OilPrice.com
on January 7, 2026.
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