US crude, gas inventories surge to record highs

US crude oil and gasoline inventories jumped to record highs in the week that ended January 29, new data from the US-based Energy Information Administration revealed.

Crude stocks, which hit a record high for the second consecutive week, increased by 7.8 million barrels over the week to 502.7 million barrels amid rising imports. Analysts had estimated a weekly increase of only 4.8 million barrels.

Crude imports rose by 647,000 barrels per day (bpd) while refinery crude dropped by 24,000 bpd, as utilization rates declined by 0.8 percentage points to 86.6 percent of capacity.

Meanwhile, gasoline inventories gained 5.9 million barrels to 254.4 million barrels.