Huo Xing Finance reports that, as of March 27, the U.S. EIA crude oil inventory increased by 5.451 million barrels, compared to an expectation of 814,000 barrels and a prior value of 6.926 million barrels. The U.S. EIA Strategic Petroleum Reserve inventory decreased by 378,000 barrels, compared to a prior value of 0 barrels. The decline in the Strategic Petroleum Reserve inventory marked the largest drop since the week of July 7, 2023, while commercial crude oil inventory excluding the Strategic Petroleum Reserve reached its highest level since the week of June 16, 2023. (Jinshi)
U.S. EIA Strategic Petroleum Reserve drawdown reaches largest since July 2023
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Summary
The U.S. EIA Strategic Petroleum Reserve decreased by 378,000 barrels for the week ending March 27, the largest decline since July 7, 2023. Commercial crude oil inventories reached their highest level since June 16, 2023, testing key resistance levels in the market. This movement reflects shifting dynamics between strategic and commercial inventory positions.
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