Another Large Crude Oil Build -- May 14, 2019

First things first: I love it -- every week it's a "surprise." So, again this week:

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

Price of oil: hardly moves. With all the saber-rattling in the Mideast right now, can you imagine what oil would be doing if this were 1984?

We will see if EIA corroborates the data tomorrow.

Beverly Hills Cop, 1984:

• Axel F, Harold Faltermeyer