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EIA Inventories Rise Again
The latest report from the Energy Information Administration has helped crude prices this week. The data showed that US crude inventories were lower again in the week ending May 15th. Inventories fell by 5 million barrels to 526.5 million barrels in total.
This reading was in stark contrast to the 1.2 million barrel increase the market was looking for. It marks the second consecutive week of inventory declines.
Elsewhere, the report showed that refinery crude runs were higher by 520k barrels per day over the week. Capacity utilization rates rose by 1.5%. The report also showed that regionally, the Cushing delivery hub in Oklahoma saw the sharpest declines of -5.6 million barrels on the week.
Gasoline & Distillate Stocks Rise
Gasoline stocks put an end to their recent run of inventory declines, rising 2.8 million barrels over the week. This was in stark contrast to the 2.1 million barrel drop forecast by the market. It comes after three consecutive weeks o...
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