Crude and Gasoline Inventories Soar Amid Large Draw in Distillate Stocks

The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 5.025 million barrels for the week ending January 24. Analysts had expected a 3.17-million-barrel build. For the week prior, the API reported a 2.86 million barrel build in U.S. crude oil inventories, while gasoline inventories saw a hefty build for multiple weeks in a row. In 2024, crude oil inventories in the United States dropped by more than 12 million barrels, according to the API’s inventory data, with the downward trend continuing beyond…