API reports 11.1 million barrel drop in US crude oil stocks
after close1 source ↓written by the desknot a recommendation
- forecasts
- 0.7 million barrel increase
The American Petroleum Institute (API) reported a decline of 11.1 million barrels in US crude oil inventories, sharply contrasting with analyst forecasts of a 0.7 million barrel increase. This unexpected drawdown signals a significant shift in market dynamics and may influence oil prices in the near term.
• Actual Change: -11.1 million barrels
• Forecast: +0.7 million barrels
• Previous Period: -0.247 million barrels
The substantial drop from the previous period's modest drawdown highlights changing supply conditions, potentially impacting energy market sentiment.
Not investment advice. For informational purposes only.