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EIA Inventories Decrease Sharply
Crude oil prices have traded higher this week, boosted by the latest report from the Energy Information Administration.
The EIA report shows that in the week ending October 30th, US crude oil inventories fell by 8 million barrels. This took the total position down to 484.4 million barrels.
The result was in stark contrast to the 0.3 million barrel build the market was looking for. It takes overall crude inventory levels down to just 7% above their five-year seasonal average.
Gasoline & Distillate Stocks Higher
Despite the drop in headline crude oil inventories, the report showed that gasoline inventories were higher by 1.5 million barrels over the week.
This took gasoline inventories back up to around 4% above their five-year seasonal average. The result was in stark contrast to the 1.1 million barrel decline the market was looking for.
Distillate stockpiles also increased over the week. They rose by 1.6 million barrels and taking the total position...
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