API crude oil inventories: Crude inventory rise of 4.6mln barrels

American Petroleum Institute (API) crude oil inventories data for the week to September 25

• Crude inventories build of by 4.6 mln barrels
• Inventory at Cushing fell 1.2 mln barrels

The oil price fell at 4.30pm (on the subscriber data release ... see below) and is still barely above its low. The build was a surprise result, with expectations for the official EIA inventory data due tomorrow morning (US time) at -100bbls (i.e. a stock draw).

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Note - This data is released earlier to API subscribers, at 4.30pm ET, and released publicly at 4.35pm ET.

The API data is closely watched as a guide to the U.S. Energy Information
Administration (EIA) data due tomorrow morning (US time).

The consensus estimate for tomorrow's EIA report is currently for -100k bbls