The American Petroleum Institute reported a 9.072 million barrel increase in US crude oil inventories this week, a build large enough to raise eyebrows across energy markets.
The data, published as part of the API’s Weekly Statistical Bulletin, serves as an early indicator for energy markets ahead of the official US Energy Information Administration (EIA) release.
What the numbers mean for oil markets
A crude inventory build of this magnitude generally signals one of two things: supply is outpacing demand, or refineries are processing less crude than expected. Either way, it puts downward pressure on oil prices in the near term.
The API’s Weekly Statistical Bulletin covers over 90% of US refinery output along with major refined products like gasoline and distillates.
