A few hours after Donald Trump won the presidential election, the Energy Information Administration (EIA) reported a build of 2.4 million barrels of crude in U.S. commercial inventories. Total inventories reached 485 million barrels in the week to November 4. Last week, the EIA shook markets by saying inventories had risen by 14.4 million barrels – the highest in over three decades. However, that build lost a lot of its significance after ClipperData noted that much of it came thanks to a correction in the reporting of import data. Yesterday, the American Petroleum Institute reported an increase of 4.4 million barrels in crude oil inventories, higher than analyst expectations. The estimate, however, did not do much damage to crude oil prices, which inched down temporarily but later recovered. In the seven days to November 4, the EIA said, refineries processed 15.8 million barrels of crude daily, producing […]