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EIA Inventories Rise Again
Crude oil has come under significant selling pressure once again this week, with price action erasing the gains of the recent recovery. The EIA has reported a further, record build in crude inventories.
For the week ending April 10th, the Energy Information Administration reported that US crude levels surged by a record 19.2 million barrels. This increase comes on the back of the prior week’s 15.2 million barrel increase (which was a record itself). It now brings the total inventories level up to 503.6 million barrels. This is roughly 6% above the five year average for this time of year.
Supply/Demand Imbalances Growing
The increase, which was well above the 11 million barrel level forecast, has blunted the recovery in crude prices and sent the market crashing lower once again. Despite the broader pick up in risk sentiment over recent weeks, the crude market is now once again seeing a heavy supply/demand...
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