FX.co ★ US API Crude Stocks Plunge by 11.1M Barrels, Signaling Sharp Inventory Drawdown

U.S. crude oil inventories tracked by the American Petroleum Institute (API) recorded a sharp decline in the latest weekly data, with stocks falling by 11.100 million barrels, according to figures updated on 3 February 2026. This marks a significant acceleration in the drawdown compared to the previous reading, when crude stocks slipped by just 0.247 million barrels.

The abrupt shift from a marginal decrease to a steep inventory draw suggests a notable tightening in U.S. crude supply conditions over the latest reporting period. While the data alone does not reveal the underlying drivers, such a pronounced drawdown is typically watched closely by market participants for its potential implications on crude prices and broader energy market dynamics. Investors and analysts will likely look to upcoming official inventory figures and demand indicators for confirmation and further context around this sizeable move in U.S. crude stocks.