The American Petroleum Institute (API) reported a shocking build of 6.513 million barrels of United States crude oil inventories, against a Wall Street Journal analyst expectation that inventories would draw down by 1.4 million barrels for the week ending November 10. Three polled analysts expected a rise, and eight expected them to fall. The spread of the forecasts was wide, ranging from a draw of 3.5 million barrels to a build of 2.5 million barrels—significantly short of the massive build the API reported. Gasoline inventories, according to the API, also saw a build this week, of 2.399 million barrels for the week ending November 10, against an expectation of a draw of 1.1 million barrels. The range of analyst expectations is from a 3-million-barrel decline to a 2-million-barrel build. Both WTI and Brent benchmarks were down significantly on Tuesday prior to the API release—almost $2 per barrel under last […]