API data shows a 4.2 million-barrel build in US crude inventories, exceeding forecasts amid ongoing Strategic Petroleum Reserve releases.
US crude oil inventories increased by 4.2 million barrels in the week ending August 21, surpassing analyst expectations of a 1.9 million-barrel build. The prior week saw a modest decline of 328,000 barrels, marking a shift in inventory trends.
Commercial crude stocks, excluding the Strategic Petroleum Reserve (SPR), have dropped by 45 million barrels over the last nineteen weeks. However, total US crude inventories are up 5.8 million barrels year-to-date, partly offset by SPR draws. Another 3.7 million-barrel release from the SPR was reported for the latest week.
The larger-than-expected build may pressure oil prices as markets assess supply dynamics and SPR depletion impacts.