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Crude Stores Rise Again
Crude prices have been firmer into the end of the week despite the latest report from the Energy Information Administration.
The report covering the week ending October 11th showed a further increase in US crude stores, rising 9.3 million barrels.
Now at 434.9 million barrels, the EIA report notes that US crude stores are sitting roughly 2% above the five-year average for this time of the year. This latest increase is the fifth straight build in US crude stores week-on-week and reflects the level of oversupply in the US market.
The report also shows that net US crude imports were up 70k barrels per day on the prior week. They have now hit 6.3 million barrels per day. The US has now averaged net-crude imports of 6.3 million barrels per day over the last four weeks. However, this is nearly 20% lower than the same period last year.
Gasoline Inventories Down
The report was not totally bearish, however. Gasoline inventories were seen lower by 2.6 million barrels las...
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