US Crude Oil Inventory Build Pressures Prices
Market Intelligence Analysis
AI-PoweredUS crude oil inventory build exceeds expectations, leading to downward pressure on oil prices, as the API reports a 13.4 million barrel increase, offsetting the prior week's draw.
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 increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed the same at 415.2 million barrels in the week ending February 6. This is 310.3 million barrels shy of maximum capacity. US production fell…
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