API forecasts a surprise rise in US crude stocks – Trading Economics

Crude oil inventories in the US gained 2.48 million bbls in the week ended 17 May, according to the American Petroleum Institute (API) estimates cited by Trading Economics.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

This week’s API data “came as a surprise to the [oil] market,” which was expecting a 3.1-million-bbl draw in US crude stocks, Trading Economics noted.

A rise in US crude stocks is often considered a negative indicator of demand growth.

Last week, the US-headquartered body reported a drop of 3.1 million bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. The US Energy Information Administration's (EIA) official data that came out later that day showed a decline of 2.51 million bbls to 457 million bbls during the same time.

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

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online