WTI Crude news and market signals

Iranian floating oil storage has plummeted from 150 million barrels to under 50 million in a matter of months following a tightening U.S. naval blockade. This rapid depletion of emergency supply buffers signals a significant shift in global crude availability that could pressure energy markets over the coming week.

US crude oil inventories experienced a significant decline of 3.1 million barrels in the week ending October 16, according to the U.S. Energy Information Administration (EIA). This drop brings total commercial stockpiles to 412.5 million barrels, positioning them 3% below the five-year average for this period.