Last week’s API crude oil inventory change in the U.S. (thousands of barrels) as of 0731 fell short of expectations: 269 vs -200

U.S. API crude inventories unexpectedly surged by 2.69 million barrels, far exceeding expectations, signaling weak demand and pressuring energy assets.

Last week, the U.S. API crude oil inventory change was 2.69 million barrels, higher than the expected -2.0 million barrels and the previous figure of -3.296 million barrels. The unexpected increase in inventories indicates weak demand or an oversupply, which reduces the support provided by the energy sector to liquidity and may dampen the risk-on attitude toward related assets.