API Crude Inventory Report Shows Large Build After Initial Draw Figures Corrected, WTI Falls 2%-5%

The American Petroleum Institute's weekly inventory report for the week ending November 10, 2026 was quickly clouded by a significant data error. API figures initially circulated showed US crude stocks fell 9.8 million barrels, far exceeding the forecast draw of 1 million barrels and the prior week's draw of 5.267 million barrels, a reading that briefly suggested tighter supply conditions.

Within roughly 20 minutes of the initial release, energy research firm HFI Research flagged the headline figure as incorrect. The corrected reading showed a build of approximately 9 million barrels in US commercial crude storage, with HFI estimating the actual change closer to a 2 million barrel increase. The swing from an apparent 9.8 million barrel draw to a roughly 9 million barrel build represents a data discrepancy of nearly 19 million barrels, an unusually large revision that rattled traders.

Cushing, Oklahoma stocks, the delivery point for WTI futures, rose 5.1 million barrels on the week, adding further bearish pressure. Gasoline inventories increased by 2.7 million barrels against a prior build of 1.427 million barrels, while distillate stocks fell 8 million barrels. WTI crude prices dropped between 2% and 5% following the inventory data, reflecting the bearish implications of rising Cushing and commercial crude supplies.

Separately, the US Strategic Petroleum Reserve is projected to reach a new low before beginning a recovery in late 2027, adding a longer-term supply backdrop to the week's inventory picture. US gasoline prices are forecast to fall to $4.51 per gallon before year-end, according to prediction market data.