I would see my context window jump in size, after each user turn (i.e. from 70 to 85% remaining).
Built a tool to analyze the requests, and sure enough the reasoning tokens were removed from past responses (but only between user turns). Here are the two relevant PRs [0][1].
When trying to get to the bottom of it, someone from OAI reached out and said this was expected and a limitation of the Responses API (interesting sidenote: Codex uses the Responses API, but passes the full context with every request).
This is the relevant part of the docs[2]:
> In turn 2, any reasoning items from turn 1 are ignored and removed, since the model does not reuse reasoning items from previous turns.
[0]https://github.com/openai/codex/pull/5857
[1]https://github.com/openai/codex/pull/5986
[2]https://cookbook.openai.com/examples/responses_api/reasoning...