The source says total U.S. crude stocks, including the Strategic Petroleum Reserve (SPR) (U.S. emergency oil stockpile), fell by 17.8 million barrels last week, while commercial inventories dropped 7.9 million barrels.
U.S. oil inventories recorded a sharp weekly decline, according to the source, with total crude stocks including the Strategic Petroleum Reserve (SPR) (U.S. emergency oil stockpile) down 17.8 million barrels. The source describes this as the largest weekly drawdown on record. Commercial crude inventories, which exclude the federal emergency reserve, fell by 7.9 million barrels, which the source says was the biggest decline since the period referenced in the linked post. Large inventory drawdowns are closely watched by commodity and macro investors because they can signal tighter near-term supply conditions in the energy market.