US crude oil inventories rise to 2,969K, surpassing estimates

Data source: U.S. crude and Cushing inventory figures are reported through the Energy Information Administration’s weekly petroleum data, which track commercial stock changes excluding the Strategic Petroleum Reserve. Market signal: The reported inventory build indicates a sharp reversal from the prior week’s draw and is substantially larger than the market’s expected decline, a development that can weigh on crude prices by suggesting weaker demand or increased supply. Cushing inventories: Cushing crude stocks had recently declined, leaving the key WTI delivery hub relatively tight; a reported build would therefore mark a notable change in near-term storage conditions.