API projects a massive draw in US crude stocks – Trading Economics

Crude oil inventories in the US declined sharply by 9.16 million bbls in the week that ended 28 June, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: A silhouette of an oil pump jack with the US flag in the background. Getty Images

"This was the biggest weekly draw in crude oil inventories since August 2023” estimated by the API, Trading Economics noted.

Oil market analysts expected a smaller draw of 150,000 bbls in the week.

“The American Petroleum Institute reported an unexpected plunge of over 9 million barrels in US commercial crude inventories for the week ended June 28,” VANDA Insights’ founder and analyst Vandana Hari said.

A decline in US crude stocks is considered a positive indicator of oil demand growth and could push oil prices higher.

Last week, the US-headquartered body reported a rise of 914,000 bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder 

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