By Julianne Geiger – Jan 29, 2025, 9:40 AM CST
Crude oil inventories in the United States saw a large build of 3.5 million barrels during the week ending January 24, according to the U.S. Energy Information Administration.
Crude oil prices were trending lower today prior to the release of the U.S. Energy Information Administration, with both the WTI and Brent benchmarks trading down roughly half of a percent.
Today’s build in crude inventories is in line with seasonal trends, and compares with a draw of 1 million barrels in the week prior.
For total motor gasoline, the EIA estimated that inventories rose by 3.0 million barrels for the week to January 24, with production averaging 9.2 million barrels daily. This compares with an inventory rise of 2.3 million barrels for the previous week and average daily production of 9.2 million barrels daily.
For middle distillates, the EIA estimated an inventory fall of 5 million barrels for last week, with production averaging 4.7 million barrels daily. This adds onto the inventory loss of 3.1 million barrels for the week prior, when production stood at an average 4.7 million barrels daily.
Total products supplied over the last four weeks averaged 20.3 million barrels per day—a 2.5% increase over this time last year. Gasoline and Distillates products supplied over the last four weeks are also up, 1.8% and 6.9%, respectively, compared to this time last year
With the rising inventories, crude oil prices are down week over week, with WTI down nearly $2 per gallon.
Shortly after data release, Brent crude was trading at $77.16 per barrel, with West Texas Intermediate at $73.36 per barrel, both down from opening.
On Tuesday, the API issued its latest estimates on crude oil and crude oil products inventories showing that crude oil inventories had risen by 2.86 million barrels for the week ending January 24, with gasoline stocks rising by 1.89 million barrels and distillate inventories falling by 3.75 million barrels. The API estimated that Cushing inventories had fallen by 144,000 barrels.
By Julianne Geiger for Oilprice.com
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