Surprise Crude Build Disappoints Oil Bulls | OilPrice.com:
The American Petroleum Institute (API) has estimated a crude oil inventory build of 3.639 million barrels for the week ending November 21, compared to analyst expectations of a 418,000-barrel draw in inventory.
Last week saw a build in crude oil inventories of 5.954 million barrels, according to API data. The EIA’s estimates, however, reported a build of 1.4-million barrels for that week.
After today’s inventory move, the net draw has swung into build territory for the year, standing at 830,000 barrels for the 48-week reporting period so far, using API data.
The American Petroleum Institute (API) has estimated a crude oil inventory build of 3.639 million barrels for the week ending November 21, compared to analyst expectations of a 418,000-barrel draw in inventory.
Last week saw a build in crude oil inventories of 5.954 million barrels, according to API data. The EIA’s estimates, however, reported a build of 1.4-million barrels for that week.
After today’s inventory move, the net draw has swung into build territory for the year, standing at 830,000 barrels for the 48-week reporting period so far, using API data.
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