Breaking News: U.S. Crude Oil Futures Surge After Unexpected Drop in Weekly Stocks
Stay ahead of the game with the latest update on U.S. crude oil futures, which saw a significant increase in post-settlement trading following a surprising report by the American Petroleum Institute.
Currently trading at $70.67 a barrel, the U.S. benchmark experienced a remarkable surge after settling down earlier in the day at $70.39 a barrel.
The API reported a drastic decrease of approximately 10.9 million barrels for the week ending Oct. 11, contrasting with the previous week’s build of 10.9M barrels. This unexpected turn of events exceeded economists’ expectations of a 3.2M barrel build.
Additionally, gasoline stockpiles plummeted by about 5.9M barrels, while distillate inventories, including diesel and heating oil, dropped by 2.7M barrels.
Mark your calendars for the upcoming EIA report on Thursday at 10:30 a.m. EST (1530 GMT) to stay informed on the latest developments in the energy market.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,’script’,’
**Analysis:**
In this article, we discuss the recent surge in U.S. crude oil futures following an unexpected drop in weekly stocks reported by the American Petroleum Institute. This turn of events has significant implications for the energy market, as it defied economists’ expectations and led to a surge in oil prices. Investors and traders should pay close attention to the upcoming EIA report for further insights into the market trends and potential investment opportunities in the energy sector.