US Oil Inventories Drop by 1.45 Million Barrels

In a surprising turn of events, the United States has witnessed a significant decrease in its crude oil inventories. According to the latest figures released by the American Petroleum Institute (API), there was a drop of 1.45 million barrels in the week ending February 28.

Changes in Distillate and Gasoline Inventories

While the crude oil inventories saw a decline, the report also highlighted changes in other areas. Distillate inventories experienced an increase of 1.14 million barrels, whereas gasoline stockpiles decreased by 1.25 million barrels. This mixed bag of results indicates a fluctuating demand and supply scenario in the oil market.

Reserves in Cushing, Oklahoma

Adding to the complexity of the situation, reserves in Cushing, Oklahoma, reportedly grew by 1.63 million barrels during the same period. This growth in reserves could be indicative of strategic stockpiling or a response to anticipated market changes.