US Crude Oil Inventories See Sharpest Weekly Drop in Almost a Year

US Crude Oil Stocks Record Largest Weekly Draw in Nearly a Year

US crude oil inventories recorded a dramatic decline of 11.5 million barrels last week — the biggest drop in almost 12 months — according to a note from Commerzbank citing the latest EIA data.

This sharp drawdown surprised markets and has raised concerns over tightening supply conditions, especially in light of escalating geopolitical tensions in the Middle East.

What’s Behind the Massive Drop?

Several factors likely contributed to the inventory slump:

• Higher US crude exports
• Robust refinery throughput
• Summer demand uptick
• Ongoing geopolitical uncertainty affecting global oil flows

The unexpected drop also coincides with a period of heightened volatility in crude oil prices, with WTI hovering near $74 as markets weigh supply disruptions.

Related on Tredu.com:

• WTI Oil Nears $75 as Supply Risks Persist
• Middle East Tensions Fuel Crude Oil Rally
• Brent Crude Posts 4% Weekly Gain Amid Volatility