<div id="readability-page-1">Huge draw ...Expectations I had seen centred on: <ul><li>Headline crude -3.4 mn barrels</li><li>Distillates -1.3 mn bbls</li><li>Gasoline -2.1 mn</li></ul>--- Crude markets navigated a choppy session before settling broadly flat on Tuesday, with two late Wall Street Journal reports pulling benchmarks back toward their highs into the close.The more consequential of the two pieces reported that mediators see little meaningful progress in US-Iran nuclear talks, with Tehran's negotiating position described as largely unchanged from earlier rounds that failed to produce a deal. WSJ sources also indicated that the United States and Israel had been actively preparing fresh strikes on Iran, with some suggesting military action could still come as early as next week. A separate WSJ report added that Washington had seized an Iran-linked vessel in the Indian Ocean overnight, marking at least the third tanker seizure tied to the crackdown on Iran's shadow fleet.Earlier in the session, a brief burst of upside followed reports of an explosion on Qeshm Island, though this was subsequently attributed to the disposal of unexploded munitions rather than any new military exchange, and the move faded accordingly.The session's most significant headline had actually landed after Monday's settlement, when Trump confirmed he had called off a planned strike on Iran scheduled for Tuesday, citing requests from Saudi Arabia, the UAE and Qatar. He nonetheless kept the pressure on, warning Iran could face another hit within two to three days, and that a decision would be known &#34;very soon.&#34; Vice President Vance reinforced the binary framing, stating Iran faces a straightforward choice between reaching an agreement or resuming hostilities, while noting that meaningful progress had been made.WTI and Brent settled little changed, with ranges remaining contained by recent standards. ---This data point is from a privately-conducted survey by the American Petroleum Institute (API).<ul><li>It's a survey of oil storage facilities and companies</li><li>The official report is due Wednesday morning US time. Shut down permitting.</li></ul><div>The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)</div><ul><li>Its based on data from the Department of Energy and other government agencies</li><li>Whereas information on total crude oil storage levels and variations from the previous week's levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.</li><li>the EIA report is held to be more accurate and comprehensive than the survey from the API</li></ul></div>

A private inventory survey by the American Petroleum Institute (API) indicates a significant crude oil draw of 3.4 million barrels, exceeding expectations. Crude markets remained stable amid geopolitical tensions, particularly regarding US-Iran relations, with reports of potential military action and recent vessel seizures. The official report from the US Energy Information Administration (EIA) is expected to provide more comprehensive data on oil storage and market status.

Investinglive

Occidental Petroleum

Us 12 Mthn Oil

Invesco DB Multi Sector Comm TR Oil Fd ETF

VanEck Oil Refiners ETF

VG Energy

Pro K1 Free Crude Oil

SPDR O&G Ex & Prd

ISHRS S&P Glb Engy

Pro Ultr Bloomberg Crude Oil

Us Brent Oil

United States Oil Fund LP

SPDR Energy Select

iShares US Oil & Gas Expl & Prod

Oil: Private inventory survey shows a headline crude oil draw much greater than expected