US EIA Crude Oil Stocks Change (Mar/27) 5.451M (Prev. 6.926M)

The latest EIA data shows a significant reduction in crude oil stocks, dropping from the previous 6.926 million barrels to 5.451 million.

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US VP Vance has reportedly been speaking with intermediaries about the Iran conflict as recently as Tuesday, Reuters sources say

[MARKET UPDATE] Crude prices see upticks in recent trade despite a lack of fresh factors, although the Iranian Foreign Ministry spokesperson recently rebuffed Trump's claims of Iran's ceasefire request

US EIA Crude Oil Stocks Change (Mar/27) 5.451M (Prev. 6.926M)

Fed’s Musalem says he has lowered the probability of the baseline scenario and increased the likelihood of alternative scenarios; US economy was already overheated during the 2022 oil price shock and did not overheat now

EIA Expectations: Crude 2.0M, Distillate -1.1M, Gasoline -1.9M

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Context

This smaller draw could indicate tightening supply dynamics, which may support higher oil prices, especially if demand remains steady or increases. Market participants will likely assess this release in the context of overall supply-demand trends and any geopolitical factors impacting oil production.

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