Large Rise in Gasoline Stocks Offsets Large Crude Draw

Crude oil inventories in the United States fell this week by 6.674 million barrels for the week ending January 19, according to The American Petroleum Institute (API), after analysts predicted a draw of 3 million barrels. The API reported a 483,000-barrel build in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.9 million barrels as of January 19. Inventories are now at 365.5 million barrels. Oil prices were down ahead of the…