Energy Preview: API records largest single-week build in US crude inventories in nearly a decade

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply for the second week in a row, this time gaining an additional 19.10 million barrels in the week ending July 11. That?s on top of last week?s 7.1 million barrel build. It is the largest single week build reported by the API in at least a decade. Gasoline inventories fell in the week ending July 11 by 4.53 million barrels, compared to last week?s 2.2-million-barrel decrease in the week prior. Distillate inventories also fell by 2.390 million barrels. In the week prior, distillate inventories slipped 800,000 barrels.

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