Last week’s U.S. EIA crude oil inventory change (10,000 barrels) (as of 0807) fell short of expectations: 1742.3 vs -140.5

U.S. EIA crude inventories surged by 17.42 million barrels, far missing the expected drawdown. The buildup signals weak demand and undermines supply tightness, pressuring oil prices.

Last week, the U.S. EIA reported a change in crude oil inventories of 17.423 million barrels, far exceeding the expected decrease of 1.405 million barrels and the previous figure of 2.479 million barrels. The significant buildup in inventories indicates weak demand, undermining the narrative of supply constraints and posing potential pressure on liquidity.