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Crude Inventories Rally
Crude prices have been fighting to reclaim some higher ground this week. However, the rally was capped on Wednesday by the latest report from the Energy Information Administration. The EIA reported that in the week ending February 7th, US crude inventories rose by a further 7.5 million barrels. This increase was well above the 2.3 million barrels forecast by the market. The figure takes total inventory levels to 435 million barrels.
The data comes on the back of the API reporting a 6 million barrel inventory increase and sees inventory levels extending recent surpluses. The EIA has now reported three consecutive weekly increases in inventory levels with 3.4 and 3.5 million increases seen over the last two weeks.
Gasoline & Distillate Stockpiles Fall
Elsewhere, the data showed that gasoline inventories fell by 100k barrels last week. This was in stark contrast to the 546k barrel increase forecast by the ...
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