Large Crude, Product Builds Weigh on Oil Prices
Market Intelligence Analysis
AI-PoweredLarge crude oil builds in the US, along with rising Strategic Petroleum Reserve (SPR) inventories, weighed on oil prices, indicating a bearish market sentiment.
Market impact analysis based on bearish sentiment with 90% confidence.
Article Context
The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 5.27 million barrels in the week ending January 9. Crude oil inventories sagged by 2.8 million barrels in the week prior. The Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 200,000 barrels to 413.7 million barrels in the week ending January 9. Inventories in the SPR have been steadily increasing over the last year as the US Administration seeks to return the national stockpile…
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