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Inventories Fall Unexpectedly
Oil markets have been higher this week in response to the Energy Information Administration reporting an unexpected drawdown in US crude stores. Analysts had been looking for a 5 million barrel rise in US crude stores.
However, the report showed that in the week to October 18th, US crude inventories fell by 1.7 million barrels.
The data also showed that refinery crude runs increased by 429k barrels per day over the week. And refinery utilization rates increased by 2.1%.
Crude prices jumped by around 1% in response to the news. This has assuaged some of the recent concerns over demand levels for crude.
US crude imports declined last week by 873k barrels over the week falling to their lowest level on record. This also helped boost oil prices. Meanwhile, exports were higher by 435k barrels to hit a record 3.7 million barrels per day.
Looking at the rest of the data, the report shows that gasoline stores were lower by 3.1 million barrels over the ...
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