Oil Edges Higher as U.S. Crude Stocks Rise but Stay Below Seasonal Norms

U.S. crude inventories rose by 3.6 million barrels in the week ending January 21, according to the latest EIA report, lifting commercial stockpiles to 426 million barrels, still about 2% under the five-year seasonal norm. The build, which broadly corroborates the prior API estimate, adds to concerns about near-term supply softness but is tempered by the still-below-average inventory level. Futures for Oil – US Crude and Oil – Brent Crude initially reacted to the data as traders weighed the implications for prompt balances, while expectations for winter demand and power-sector switching remained in focus for Natural Gas.

Over the past month, Oil – US Crude has advanced about 4.96%, and Oil – Brent Crude is up roughly 5.34%, reflecting a market that continues to price in resilient demand and controlled OPEC+ supply despite the U.S. stock build. Both benchmarks currently show a 1-day technical signal of Buy for US crude and Buy for Brent, suggesting short-term momentum remains skewed to the upside. Natural Gas has climbed about 36.60% over the last month, driven by seasonal consumption patterns and volatility in heating demand, with a 1-day technical rating of Buy, indicating bullish short-term technicals despite its recent sharp gains. Investors can explore more updates, prices, and analysis across global markets at Commodities.