US Crude Oil Inventories Still in Freefall

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 5.267 million barrels in the week ending October 30. In the week prior, US crude oil inventories fell by a staggering 2.031 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 64 million barrels over the last 29 weeks, and 12 million over this year, according to API data, which has been kept in check in part thanks to draws from the SPR. For the week ending October 30, 400,000 barrels of crude oil left the…