US Crude Oil Inventories See a Notable Decline

In a recent report by the American Petroleum Institute (API), it was revealed that the United States experienced a significant decrease in crude oil inventories. Specifically, there was a drop of 4.02 million barrels in the week ending January 3.

Changes in Distillate and Gasoline Inventories

Alongside the decline in crude oil, distillate inventories saw an increase of 3.2 million barrels. In contrast, gasoline stockpiles surged by 7.3 million barrels, indicating a shift in the energy sector's dynamics.

Cushing Reserves Experience a Decrease

Additionally, the reserves in Cushing reportedly decreased by 3.1 million barrels during the same period, further highlighting the fluctuating nature of oil inventories in the region.