Wow, Wow, Wow -- Despite API Inventory Rise, Price Of Oil Surges After Hours -- WTI Breaks Through $74 -- Trends Toward $75 -- July 11, 2023

Locator: 45089WTI.

WTI: $74.83; up 2.52%.

Brent: $79.40

Bakken proxy: $79.91.

API weekly release:

Crude oil inventories in the United States increased this week by 3.026 million barrels, the American Petroleum Institute data showed on Wednesday, July 11, 2023, after falling by 4.382 million barrels in the week prior.

Analysts were expecting a much smaller build of 200,000 barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 35 million barrels, according to API data, although the net draw in crude inventories since April is more than 12 million barrels.

Market after-hours:

• AAPL: up slightly;
• CVX: down slightly;
• COP: down slightly;