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Inventories Rise Again
The latest report from the Energy Information Administration highlights the growing supply/demand imbalance affecting the crude oil market.
The EIA report showed that in the week ending March 13th, US crude stores rose by 2 million barrels.
This latest increase takes the total inventory level to 453.7 million barrels, the highest level since July 2019.
While the 2 million barrel increase was a little less than the 3.3 million increase forecast, it was enough to add further pressure for crude prices.
Gasoline & Distillate Stockpiles Fall
Despite the continued build in headline crude inventories, both gasoline and distillate levels have fallen again over the last week.
The EIA reported that gasoline stores were down by 6.2 million barrels over the week. This takes the total inventory level to 240.82 million barrels. The latest drop was far lower than the 2.9 million barrel decrease the market was looking for.
Distillate stockpiles were also lower last week fall...
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