US API Crude Oil Inventories Fall 2.031M Barrels Last Week

The signal here is the deceleration rather than the direction: a second consecutive draw, but at less than half the prior week's pace, which suggests the earlier stock-building is being unwound more slowly. Because this is the API's industry estimate rather than official government data, the read-through to broader energy and commodity markets depends on confirmation from the official figures. Whether the drawdown continues to shrink, or reverses outright, is the open question worth tracking.