The American Petroleum Institute (API) reported another surprise build in crude oil inventory of 2.4 million barrels for the week ending May 17, coming in over analyst expectations of a 2.53-million-barrel drawdown in inventories. Last week, the API reported a surprise build in crude oil inventories of 8.6 million barrels. A day later, the EIA estimated that US inventories had increased by 5.4 million barrels. Including this week’s data, the net build is now 31.92 million barrels for the 21-week reporting period so far this year, using API…
