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API Reports a Surprising Build in Crude Oil Inventories Last Week

The most recent API report revealed that US crude stockpiles grew unexpectedly to 8.1 million barrels for the week of May 10, beating expectations which were for a drawdown of 2.125 million barrerls. This is also higher than the previous week’s crude oil inventories of 2.81 million barrels.

As a result, WTI crude oil turned bearish and is now trading at around $61.37 at the time of writing. However, the surprise build in inventories reported by API could not impact crude oil prices much because the tensions in Saudi Arabia continue to support oil prices.

On Tuesday, Saudi Arabia stated that armed drones had attacked two oil pumping stations. This latest attack comes two days after oil tankers were sabotaged near the UAE. Tensions have been building up in the Middle East ever since US announced an end to sanction waivers blocking Iran from exporting crude oil earlier this month.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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