January 2022, Vol. 249, No. 1

EIA Reports

Crude Oil Demand Returns Faster Than Supply

The price of U.S. benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020.   Because of the economic effects, government and business responses, and personal travel changes caused by the COVID-19 pandemic in 2020, demand for crude oil and petroleum products declined rapidly, inventories increased, and prices fell.   The decrease in demand during the first half of 2020 resulted in increasing crude oil inventory levels. U.S. crude oil inventories were 440.3 million barrels at the end of January 2020 and increased to 532.7 million barrels by the end of June 2020.    U.S. c

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