US Crude Inventories Rise Just 100,000 Barrels in Week Ending August 21, Far Below Expectations

US commercial crude oil inventories rose by only 100,000 barrels in the week ending August 21, according to Energy Information Administration data released Wednesday, bringing total stockpiles to 428.9 million barrels, which sit roughly 1% above the five-year seasonal average. The build was far smaller than markets had anticipated and diverged sharply from the American Petroleum Institute's preliminary estimate, released Tuesday, which had shown a 4.2 million barrel increase. Fuel inventories told a different story, with gasoline stocks declining over the same period.

The much smaller-than-expected crude build suggests demand or refinery activity absorbed more supply than the API figures implied.