API reports a massive surge in US crude stocks – Trading Economics

Crude oil inventories in the US surged by a massive 10.9 million bbls in the week that ended 4 October, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: Oil pump jacks with the US flag in the background. Getty Images

The latest data marked the “biggest weekly built since November 2023,” Trading Economics noted citing numbers from the API.

Brent’s price declined following the news as oil market analysts expected a much smaller inventory gain of 1.95 million bbls during the week.

An increase in US crude stocks indicates lackluster oil demand growth, which can put downward pressure on Brent’s price.

Last week, the US-headquartered energy body reported a slump of 1.5 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US.

The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Aparupa Mazumder

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