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Inventories Rise Despite API Report
Its been another solid week for crude oil which was driven higher again by a bullish report from the Energy Information Administration.
There had been some jitters earlier in the week due to a release from the API. This reported an unexpected build in US crude inventories last week.
However, the headline report from the EIA showed that in the week ending December 13th, US crude stocks were lower by 1.1 million barrels.
This was not as low as the 2.5 million barrels decrease expected in light of the inventory build reported by the API a day earlier. However, the market was clearly relieved, particularly on the back of an 800K barrel build over the prior month.
Gasoline Inventories Higher
The latest data from the EIA also showed that US gasoline inventories were higher by 2.5 million barrels. This extended gains from the prior week’s increase of 5.4 million barrels.
Gasoline production was notably higher over the week also, averaging 9.8 million barre...
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