The American Petroleum Institute (API) reported a large surprise build in crude oil inventory of 8.6 million barrels for the week ending May 10, coming in significantly over analyst expectations of a 2.125-million-barrel drawdown in inventories.So there you have it:
- API forecast: a 2.125-million-bbl drawdown
- actual: a huge 8.6-million-bbl build
- that's a "swing" of almost 11 million bbls
We will see if EIA corroborates the data tomorrow.
Beverly Hills Cop, 1984:
Axel F, Harold Faltermeyer
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