January 15, 2025 [Oil Price]- 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 have shed more than 6.6 million barrels.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.5 million barrels as of January 10. SPR inventories are now at 394.3 million barrels, a figure that is still 240 million less than the inventory when President Biden took office.
At 4:40 pm ET, moments after data release, Brent crude was trading down $0.75 (-0.93%) on the day at $80.26—a more than $3 per barrel bump from this time last week. The U.S. benchmark WTI was also trading down on the day by $0.87 (-1.10%) at $77.95—more than $3.50 per barrel over last week’s level.
Gasoline inventories rose this week by 5.39 million barrels after last week’s large 7.331-million-barrel increase. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose by 4.88 million barrels, after last week’s large 3.201-million-barrel increase. Distillate inventories were about 4% below the five-year average as of the week ending January 3, 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—rose by 573,000 barrels, according to API data, after falling by 3.115 million barrels in the previous week.
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