Big Crude Oil Build Largely Offset By Large Products Draw

The American Petroleum Institute (API) has estimated a large crude oil inventory build of 4.13 million barrels for the week ending October 3—compared to analyst expectations of a 1.413-million-barrel build. Last week saw a surprise draw in crude oil inventories of 5.92 million barrels, according to API data. The EIA estimated that week that there had been a build instead, of 3.1 million barrels. After today’s inventory move, the net draw for the year is 25.72 million barrels for the 41-week reporting period so far, using API data. Oil…