EIA: US Oil Stocks Jump As Refineries Cut Runs

U.S. gasoline inventories jumped to a record high in the most recent week even as refiners cut back activity, the Energy Information Administration (EIA) said Jan. 24, while crude stocks rose sharply.

Gasoline stocks rose for an eighth consecutive week, by 4.1 million barrels to a record 259.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.7 million-barrel gain.

Crude inventories rose by 8 million barrels in the week to Jan. 18, compared with analysts’ expectations for a decline of 42,000 barrels.