US crude stocks fall 3.06M barrels, topping forecasts

US crude oil inventories declined by 3.060 million barrels in the latest week, versus an expected draw of 0.820 million.

• Crude oil: a draw of 3.060 million barrels, compared with a forecast decline of 0.820 million. The prior week recorded a drop of 8.557 million.
• Gasoline: stocks fell 2.952 million barrels, against an expected decline of 0.443 million. The previous week saw a build of 3.518 million.
• Distillates: inventories rose 1.675 million barrels, contrary to expectations of a 1.162 million draw. The prior week posted a decrease of 2.527 million.

According to the Energy Information Administration's weekly report, US crude inventories dropped more than analysts had anticipated. Gasoline supplies also had a larger-than-expected draw, but an unexpected build in distillates partly offset the figures.

Data from the American Petroleum Institute (API), reported by Julianne Geiger, showed the following for the previous evening:

• Crude oil: −4.93 million barrels, versus an expected −1.3 million.
• Gasoline: −2.0 million barrels.
• Distillates: −2.6 million barrels.
• Cushing inventories: +900,000 barrels.

The official crude draw was smaller than the private estimate, while the gasoline decline in the EIA data was larger. The most significant divergence was in distillates: the EIA reported a build of 1.675 million barrels, whereas the API showed a draw of 2.6 million.

On balance, the crude and gasoline draws are supportive for oil prices, but the distillate build diminishes the positive tone. Compared with the API figures, today's official numbers offer a less clear bullish narrative. Inventory changes are influenced by refinery activity and trade flows, so draws alone do not confirm stronger demand. A single weekly release is unlikely to alter the Federal Reserve's stance, although sustained energy price increases could raise inflation concerns.

The EIA weekly petroleum report tracks US oil inventories, refinery operations, and supply flows. A decline in stocks is a draw, and an increase is a build. Traders compare the official data with expectations and the earlier API survey to assess supply and demand.

Crude oil was trading near $97.93 at the time of the report, little changed on the day. The session low was $96.92, just below a swing-area support around $97, and the high reached $100.40. The 100-hour moving average stood at $97.69, with the price back above that level and below a swing-area resistance target at $98.48.