Crude Inventories Continue to Draw as Product Inventories Soar

The American Petroleum Institute (API) estimated that crude oil inventories in the United fell by 2.6 million barrels for the week ending January 10. Analysts had expected a noteworthy 3.5-million-barrel draw. For the week prior, the API reported a draw of 4.022-million-barrel in U.S. crude oil inventories in the midst of build season, while product inventories saw a hefty build. In 2024, crude oil inventories dropped by more than 12 million barrels, according to the API’s inventory data. In the first few weeks of 2025, crude inventories…