Large Jump in Fuel Inventories Outweighs Crude Draw

Crude oil prices were flat on the day, after the U.S. Energy Information Administration reported an estimated inventory draw of 1 million barrels for the first week of 2025. The authority also estimated builds in fuel inventories but both gasoline and diesel stocks remain below the five-year average. The crude inventory draw compared with another modest of 1.2 million barrels for the last week of 2024, which was accompanied by substantial builds in gasoline and middle distillates that failed to elicit a bearish response from the market at the time.…