EIA: US crude and product inventories climbed as refinery activity and imports soften

US commercial crude oil inventories (excluding the Strategic Petroleum Reserve) increased by 3.6 million barrels to 426.0 million barrels in the week ending 16 January 2026. At current levels, crude stocks are approximately 2% below the five-year average for this time of year, narrowing the deficit from the previous period. The inventory build occurred despite a significant pullback in both refinery processing and foreign inflows.

Refinery activity eased from the high levels seen earlier in the month, with crude oil inputs averaging 16.6 million barrels per day (bpd)—a decrease of 354,000 bpd from the previous week’s average. Utilization rates fell to 93.3% of operable capacity. 

Consequently, production across major product categories declined; gasoline production averaged 8.8 million bpd, while distillate fuel production dropped by 210,000 bpd to average 5.1 million bpd. Despite lower output, refined product stocks continued to build. Gasoline inventories rose by 6.0 million barrels, placing them about 5% above the five-year seasonal norm. Distillate inventories grew by 3.3 million barrels to 132.6 million barrels, remaining 1% below seasonal averages.

Trade and demand indicators remained mixed. Crude oil imports averaged 6.4 million bpd, down 645,000 bpd from the preceding week. Over the past four weeks, crude imports have averaged 6.2 million bpd, a 5.3% decrease compared to the same period last year. Total product supplied, a proxy for demand, averaged 19.9 million bpd over the last four weeks, up 1.5% year-on-year. 

However, specific demand for motor gasoline and distillate fuel remained soft, falling 0.6% and 1.1%, respectively, over the same four-week window. Jet fuel consumption provided a notable exception, rising 10.2% compared to the previous year.

Written by: Aiman Haikal