US crude inventories continue a sharp downward trend, shedding 5.267 million barrels last week as commercial stocks extend a 29-week decline of over 64 million barrels.
API estimated US crude inventories fell 5.267 million barrels in the week ending October 30, after a 2.031 million-barrel drop the prior week, and commercial stocks excluding the SPR are down more than 64 million barrels over 29 weeks. Falling inventories tighten supply and support crude prices, though the figure is a private API estimate and SPR draws of 400,000 barrels complicate the signal.
A larger draw means less crude in storage, which tends to support prices by tightening supply.
5.267 million barrels in the week ending October 30, after a 2.031 million-barrel drop the prior week.
US crude oil inventories fell by 5.267 million barrels for the week ending October 30, marking a significant acceleration in supply depletion. Commercial crude stocks excluding the Strategic Petroleum Reserve have now declined by more than 64 million barrels over the past 29 weeks, signaling persistent market tightness.
A larger draw indicates less crude in storage, which typically supports oil prices by tightening supply.
The API estimated a draw of 5.267 million barrels for the week ending October 30, following a 2.031 million-barrel drop the previous week.