Last week’s API change in refined oil inventories (thousand barrels) (as of 0731) in the U.S. fell short of expectations: 123.2 vs -6.7

U.S. API refined oil inventories surged by 1.232 million barrels last week, far exceeding the expected drawdown of 67,000, signaling weak demand and pressuring the energy sector.

Last week, the U.S. API refined oil inventory change came in at 1.232 million barrels, significantly higher than the expected -67,000 barrels and the previous value of 355,000 barrels. The unexpected sharp increase in inventories indicates weak demand for crude oil, which may dampen market expectations of monetary easing and exert short-term pressure on the energy sector.