Markets Brace As API Estimates First Crude Inventory Build In Eight Weeks - Energy Intelligence

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Markets Brace As API Estimates First Crude Inventory Build In Eight Weeks

The American Petroleum Institute (API) reported a 1.5-million-barrel build in its latest data release on Tuesday afternoon. The build to crude inventory sent oil prices downward, even though a build, although more modest, was expected. Analysts had forecast a 1.2 million-barrel build. This is the first increase to crude inventory in eight weeks. What the market was hoping for was another draw week, which would have been eight straight weeks of declines to crude inventory. Oil prices were already trading down more than 2% on Tuesday before the data…
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Categories:   Oil Market