WTI Flat After Another Draw in Crude Inventories, Distillates at Seasonal Lows

Official US crude inventories fell for a third consecutive week, with a larger-than-expected but smaller-than-anticipated draw compared to API data. Distillate inventories remain at seasonal historical lows. WTI crude prices were largely flat around $98 per barrel before and after the official inventory release. Shipping risks in the Middle East persist, with two tankers catching fire after hitting mines near the Strait of Hormuz and drone attacks on Saudi Arabia’s eastern oil-producing region. Physical crude markets in some areas are already showing signs of cooling.