The API reported an 11.12 million barrel draw in US crude inventories, marking a sharp acceleration in supply depletion and providing immediate support for WTI prices.
The API reported a significant 11.12 million barrel draw in US crude inventories for the week ending October 9, signaling a tightening of supply. This follows a trend where commercial crude inventories, excluding the SPR, have decreased by over 51 million barrels during the last 26 weeks, providing upward pressure on oil prices.
US crude inventories fell by 11.12 million barrels according to API estimates.
Commercial crude inventories excluding the SPR have lost more than 51 million barrels over the last 26 weeks.
US crude oil inventories plummeted by 11.12 million barrels for the week ending October 9, according to the American Petroleum Institute. This significant draw signals tightening supply conditions, following a 2.09 million barrel decline in the previous week.
The API report indicates a tightening of supply, as evidenced by the significant 11.12 million barrel draw, which typically exerts upward pressure on crude oil prices.