API Reports Large Crude Draw, Major Jump in Fuel Inventories

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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 (SPR) rose by 0.2 million barrels as of January 3. SPR inventories are now at 393.8 million barrels, a figure that is still more than 240 million less than the inventory when President Biden took office.

At 4:16 pm ET, Brent crude was trading up $0.75 (+0.98%) on the day at $77.05—just 50 cents shy of prices this same time last year. The U.S. benchmark WTI was also trading up on the day by $0.70 (+0.95%) at $74.26—just pennies from this same week last year.

Gasoline inventories rose this week by 7.331 million barrels after last week’s 2.163-million-barrel increase. As of last week, gasoline inventories are slightly above the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose by 3.201 million barrels, after last week’s large 5.719-million-barrel increase. Distillate inventories were about 6% below the five-year average as of the week ending December 27, the latest EIA data shows.

Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 3.115 million barrels, according to API data, after increasing by 305,000 barrels in the previous week.

Source: Oilprice.com

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