US API Crude Stocks Plunge Nearly 10 Million Barrels Last Week

The scale of the draw, and its acceleration from the prior week, points to a sharper tightening in weekly US crude balances than the headline alone conveys. Because this is API data released ahead of official government figures, the read-through hinges on whether the EIA confirms a draw of similar magnitude — a smaller official number would undercut the signal. The gap between the two prints is the near-term question worth watching, since the API estimate carries less weight on its own.