US crude oil inventories surge by 9 million barrels in latest API report

The American Petroleum Institute reported a 9.072 million barrel increase in US crude oil inventories this week, a build large enough to raise eyebrows across energy markets. The data, published as part of the API’s Weekly Statistical Bulletin, serves as an early indicator for energy markets ahead of the official US Energy Information Administration (EIA) release. What the numbers mean for oil markets A crude inventory build of this magnitude generally signals one of two things: supply is outpacing demand, or refineries are processing less crude than expected. Either way, it puts downward pressure on oil prices in the near term. The API’s Weekly Statistical Bulletin covers over 90% of US refinery output along with major refined products like gasoline and distillates. To put the 9.072 million barrel figure in perspective, a prior weekly report showed a 2.69 million barrel build for the week ending July 31, 2026, that already diverged significantly from market expectations of a draw. This latest figure is more than three times that size. The API’s role as a market barometer The API has been publishing its Weekly Statistical Bulletin since 1929, making it one of the longest-running da...