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Crude Inventories Fall Again
Crude oil prices have seen a drop in buying this week. Price moved into negative territory on Wednesday despite the latest data from the Energy Information Administration.
In the week ending August 28th, the EIA reported that US crude inventories declined by a further 9.4 million barrels over the week. This latest decrease far outstripped market expectations of a 1.2 million barrel decline.
It also marks the sixth such weekly decline in a row, taking total inventories back down to 498.4 million barrels.
US crude inventories are still sitting around 14% higher than the seasonal five-year average. However, they have declined significantly since the middle of July when they were at record highs.
Gasoline & Distillates Lower Also
US gasoline stores were also lower by 4.3 million barrels over the week. They are now just 4% higher than their five-year seasonal average.
Distillate stockpiles, too, were lower over the week. They fell by 1.7 million barrels, tho...
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