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Headline Inventories Increase
The latest report from the Energy Information Administration showed that US crude inventories rose by 1.2 million barrels in the week ending June 12th.
This latest increase disappointed expectations for a 152k barrel drop. US crude stores are now up to record highs of 539.3 million.
However, despite the rise in headline inventories, oil prices have remained resilient this week. Prices have retained a bid into the end of the week due to some bullish factors within the report.
Gasoline & Distillate Stocks Fall
Gasoline inventories were lower by 1.7 million barrels last week, falling to 257 million barrels in total.
This drop was far beyond the minor 17k barrel drop the market was expecting. It reflects a better increase in demand as lockdown continues to ease across the US.
Distillate stockpiles which include diesel and heating oil, were lower by 1.4 million barrels. This was in stark contrast to the 2.4 million barrel increase forecast and takes the tot...
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