The latest American Petroleum Institute (API) weekly inventory data recorded an unexpected build of 2.2mn barrels compared with the expected draw of around 2.5mn barrels and following the substantial draw of 6.7mn barrels recorded last week. This was the first build in API inventories for eight weeks and may temper bullish sentiment, especially with higher product inventories, although the market will be very cautious given that the EIA data recorded a much smaller draw than the API data last week and triggered a slide in prices. Cushing stocks fell by 166,000 barrels, which was lower than Monday’s Genscape estimate ... (full story)