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Crude Inventories Fall Again
Crude oil has seen a fresh break higher this week. The market found all new upward momentum in response to the latest data from the Energy Information Administration.
The EIA reported that in the week ending August 21st, US crude inventories declined by 4.7 million barrels. This takes the total position to 507.8 million barrels.
The decline marks the fifth straight week of droppng US crude levels. It comes as exports were surging at their quickest pace in 18 months.
Net US Exports Surge
Net US crude imports were lower by 1 million barrels per day over the week. Meanwhile, net exports jumped by 1.2 million barrels per day, marking their highest increase since February 2019.
The data also showed that refinery utilisation runs rose by 225k barrels per day over the week. They moved up by 1.1% back to 85% of total capacity. This marks their highest capacity levels since March.
Gasoline Stores Lower, Distillate Stores Higher
Gasoline stores were also lower over t...
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