API Reports Yet Another Big Oil Inventory Build

The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build. Last week saw a large build crude oil inventories of 10.45 million barrels, according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge—9.3-million-barrel build for that week. After today’s inventory move, the net draw for the year is now dwindling at 10.82 million barrels for…