The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the week ending August 28. In the week prior, US crude oil inventories rose by 4.2 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3.1 million for the year, according to API data, kept in check by draws from the SPR. For week ending August 28, another 3.1 million barrels left the SPR to aid commercial inventories,…
Market Context
Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.
Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.
What to Watch
Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.
Read original article at OilPrice.com