The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 8.440 million barrels for the week ending May 1 as the demand destruction continues and storage space nears its upper limits. Today’s inventory build was expected to be 8.125 million barrel s. In the previous week, the API estimated a large build in crude oil inventories of 9.978 million barrels, while the EIA’s estimates were for a slightly smaller build of 9.0 million barrels for that week. Oil prices were trading up on Tuesday afternoon prior to the API’s data release, as the market starts to muster up hope that OPEC production cuts that were supposed to go into effect on May 1 will combine with increased oil demand on the global front, which Goldman Sachs suggests has risen by 2.5 million barrels per day from its 2020 low point in mid-April. Along with […]