API Reports Large Crude Draw, Major Jump in Fuel Inventories

The American Petroleum Institute (API) estimated that crude oil inventories in the United fell by 4.022 million barrels for the week ending January 3. Analysts had expected a 250,000 barrel draw. For the week prior, the API reported a draw of 1.442-million-barrel in U.S. crude oil inventories in the midst of build season. In 2024, crude oil inventories dropped by more than 12 million barrels, according to the API’s inventory data. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve…