U.S. crude inventories declined last week while refined product stocks moved higher, according to the latest Energy Information Administration data, prompting a measured uptick in oil benchmarks. Government figures showed a 2.3 million-barrel drawdown in U.S. crude supplies to 423.8 million barrels for the week ended Jan. 23, against expectations for a smaller move, while gasoline and distillate inventories rose, signaling softer end-user demand and robust refinery output. The report initially supported prices for Oil – US Crude and Oil – Brent Crude, though the simultaneous buildup in fuels may temper expectations for a sustained tightening in the broader petroleum complex. Natural gas markets, tracked via Natural Gas, remain sensitive to weather and power demand dynamics rather than inventory shifts in liquid fuels, but overall energy sentiment often spills across the complex.
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Over the past month, price momentum in crude has been constructive: Oil – US Crude is up about 8.18%, while Oil – Brent Crude has advanced roughly 9.03%, reflecting improving risk appetite and cautious optimism over demand amid tighter crude balances. Natural Gas has outperformed both, climbing approximately 21.06% in the same period, a move consistent with heightened volatility typically seen around seasonal demand inflection points. From a short-term technical perspective, the 1-day signal for CM:CL is currently a Buy, CM:NG also shows a Buy, and CM:BZ is flashing a Buy, suggesting near-term bullish bias across the major energy contracts. Investors can explore more updates, prices, and analysis across global markets at Commodities.