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Inventories Rise, but not as High as Forecast
Crude oil prices remained supported this week on the back of the latest data from the Energy Information Administration.
The EIA reported that in the week ending February 14th, US crude stores rose by 400k barrels. Despite the rise, crude prices retained a bid as the increase was far less than the 3.5 million barrel increase forecast.
The report also showed that gasoline stores fell by 2 million barrels over the week. This was in stark contrast to the 435k barrel gain forecast. Distillate stockpiles, which include diesel and heating oil, were also lower by 636k barrels over the week. However, this was less than the 1.5 million barrel decline forecast.
Refinery Crude Runs Up
Another key feature of the report was the refinery crude run figure. This was higher by 190k barrels per day, with refinery utilization rates rising by 1.4%. The jump In refinery crude runs sugg...
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