Crude Oil Inventory Decline

According to private data from the American Petroleum Institute (API), crude oil inventories in the United States reportedly fell by 4.7 million barrels during the week ending December 13. This significant drop in oil reserves could have notable implications for the market.

Distillate and Gasoline Stockpiles

While crude oil inventories saw a decrease, distillate inventories reportedly increased by 700,000 barrels. Similarly, gasoline stockpiles experienced a rise of 2.4 million barrels. This dual trend in different types of oil reserves offers a complex picture of current market dynamics.

Cushing Reserves Jump

In a related development, reserves in Cushing, a key storage hub, allegedly saw an increase of 800,000 barrels. This data point adds another layer to the evolving story of US oil inventory movements.