The American Petroleum Institute (API) estimated that crude oil inventories in the United increased by 1 million barrels for the week ending January 17. Analysts surveyed by Reuters had expected the API to report a draw of around 1.6 million barrels. For the week prior, the API reported a draw of 2.
6-million-barrel in U.S. crude oil inventories in the midst of build season, while product inventories saw a hefty build for multiple weeks in a row. In 2024, crude oil inventories dropped by more than 12 million barrels, according to the API’s…API Reports Unexpected Crude Oil Inventory Build
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