US Crude Oil Inventories Sag In First Count of the Year

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 million barrels in the week ending January 2. Crude oil inventories rose by 1.7 million barrels in the week prior. Crude oil inventories in the United States dipped by 5.1 million barrels net for 2025, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 300,000 barrels to 413.5 million barrels in the…