US commercial crude oil inventories jumped 3.6 million barrels in the week ending January 16, according to the Energy Information Administration. The build exceeded analyst expectations of a 1.1 million-barrel increase.
Crude stocks at the Cushing, Oklahoma delivery hub climbed 1.478 million barrels during the week. That marks the largest weekly gain at the key WTI pricing point since August 2025.
Gasoline and diesel stocks also climb
The EIA data showed broader inventory builds across petroleum products. Gasoline stocks rose 5.977 million barrels, well above forecasts calling for a 1.7 million-barrel increase. Distillate stockpiles, which include diesel and heating oil, added 3.348 million barrels against expectations for a 200,000-barrel draw.
Total US commercial crude inventories now stand at approximately 426 million barrels, roughly 3% below the five-year average for this time of year.
Prices hold despite supply gains
WTI crude traded at $61.07 per barrel on Saturday, up 1.71% for the session. Brent crude rose 1.82% to $65.88. The gains came despite the bearish inventory data as traders focused on geopolitical risks related to Iran. Track the latest movements on our live market data page.
Gasoline production averaged 9.0 million barrels per day last week. Distillate output came in at 5.3 million barrels daily, down slightly from the prior week.
Demand picture mixed
Total petroleum products supplied, a proxy for demand, averaged 20 million barrels per day over the past four weeks. That figure sits 1.1% below the same period last year.
The API had flagged the inventory build a day earlier, reporting crude stocks grew by 5.27 million barrels. The official EIA figure came in somewhat below that initial estimate.
Rising inventories typically pressure oil prices by signaling excess supply. However, ongoing concerns about potential disruptions to Iranian crude exports have kept a floor under prices in recent sessions.