US Oil Inventories Plunge by 9 Million Barrels, Defying Analyst Forecasts for a Build

The U.S. Energy Information Administration (EIA) reported a sharp 9 million barrel slump in crude oil inventories for the week ending February 13, delivering a significant market surprise. This actual drawdown defied analyst expectations of a 1.1 million barrel build and far exceeded the American Petroleum Institute (API) estimate of a minor decline. Current commercial stockpiles now stand at 419.8 million barrels, approximately 5% below the five-year average for this time of year. This substantial reduction in supply reinforces expectations of a tightening global market, providing upward momentum for WTI and Brent benchmarks. The figures also highlight resilient domestic fuel demand despite ongoing macroeconomic challenges, effectively reducing available energy surpluses. Investors are viewing this unexpected gap between forecasts and reality as a bullish catalyst for further price gains.

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