The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 13.226 million barrels for the week ending April 17. Tuesday’s inventory build was smaller than the expected 15.15 million barrels. In the previous week, the API estimated a large build in crude oil inventories of 13.134 million barrels, while the EIA’s estimates were for a build of 19.2 million barrels for that week. Oil prices were trading down on Tuesday afternoon prior to the API’s data release, although up considerably from Monday when WTI was trading in negative numbers, as was the May 2020 futures contract. At 4:25 pm EDT on Tu
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