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Crude Inventories Rise
The latest data from the Energy Information Administration showed an unexpected decrease in US crude stores. Over the week ending January 10th, US crude inventories were lower by 2.5 million barrels.
This inventory drawdown was in sharp contrast to the expected 500k barrel increase the market was looking for.
With this latest drawdown, US crude stores are now sitting at 428.5 million barrels, the five year average for this time of year.
Gasoline Inventories Climb
The data also showed that gasoline inventories were higher over the week.
Gasoline inventories rose by 6.7 million barrels, now sitting around 5% above the five year average for this time of year.
Distillate stockpiles, which include diesel and heating oil, were also seen higher by 8.2 million barrels. They are around 3% down on the five year average for this time of year.
Crude Imports Fall
Looking at the rest of the data, US c...
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