More Bad News For Oil As The API Reports A Large Crude Build | OilPrice.com:
The American Petroleum Institute (API) has estimated a crude oil inventory build of 5.954 barrels for the week ending November 14, compared to analyst expectations of a 1.543-million-barrel build—a huge discrepancy for the much-watched inventory figures.
Last week saw a draw in crude oil inventories of 500,000 million barrels, according to API data. The EIA’s estimates, however, reported a build of 2.2-million barrels for that week.
After today’s inventory move, the net draw for the year now sits at just 2.81 million barrels for the 47-week reporting period so far, using API data.
The American Petroleum Institute (API) has estimated a crude oil inventory build of 5.954 barrels for the week ending November 14, compared to analyst expectations of a 1.543-million-barrel build—a huge discrepancy for the much-watched inventory figures.
Last week saw a draw in crude oil inventories of 500,000 million barrels, according to API data. The EIA’s estimates, however, reported a build of 2.2-million barrels for that week.
After today’s inventory move, the net draw for the year now sits at just 2.81 million barrels for the 47-week reporting period so far, using API data.
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