EIA Oil Inventory Estimates Suggest Build Season Is Upon Us

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…