API data shows a larger-than-expected increase in crude stockpiles, while gasoline inventories fell by 3.2M barrels last week.
U.S. commercial crude oil stockpiles rose by 4.2 million barrels for the week ending August 21, signaling a potential oversupply in the market. The build exceeds typical seasonal trends and may pressure oil prices in the near term.
Gasoline inventories declined by 3.2 million barrels during the same period, while distillate stocks also showed movement. Analysts had anticipated a smaller crude build, making the data a key focus for traders ahead of official government reports.
The figures suggest shifting demand dynamics, with crude supplies rising despite summer driving season, while gasoline draws indicate sustained consumption.