Crude oil inventories rose 4.1 million barrels in the January 6 week to 483.1 million, up 7.1 percent from last year at this time. Product inventories also increased substantially, with gasoline up 5.0 million barrels to 240.5 million, which is 13.5 percent higher than last year's level at this time, while distillates rose 8.4 million barrels to 170.0 million, 2.7 percent above the level last year.
Crude oil imports increased sharply in the week, averaging 9.1 million barrels per day, up by about 1.9 million barrels per day. Imports over the last four weeks averaged over 8.2 million barrels per day, 6.2 percent more than in the same period last year.
Refineries operated at 93.6 percent of their operable capacity in the week, with gasoline production rising to an average of 9.7 million barrels per day. Distillate production remained stable at 5.3 million barrels per day.
On the demand side, total products supplied over the last four weeks averaged 19.5 million barrels per day, up 1.3 percent from the same period a year ago. Of this amount, supplied gasoline averaged 8.9 million barrels per day, up 0.7 percent from last year, while distillates supplied averaged 3.6 million barrels, up 7.5 percent.