API reports a massive decline in US crude inventories – Trading Economics

US crude oil inventories fell by a massive 10.13 million bbls in the week ending 13 June, according to estimates from the American Petroleum Institute (API) cited by Trading Economics.

IMAGE: An oil barrel along with the US flag. Getty Images

This week’s data marked the “largest draw since July 2023,” Trading Economics noted. The sharp draw in crude stocks surprised market analysts, who expected a much smaller draw of 600,000 bbls.

A decrease in US crude stockpiles generally signals stronger demand and can provide some support to Brent's price.

In the previous week, the API reported a 370,000-bbl drop in US crude inventories in its Weekly Statistical Bulletin, which monitors changes in domestic crude stocks.

The widely watched official data from the US Energy Information Administration (EIA) is scheduled for release later today.

By Aparupa Mazumder

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