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Crude oil prices were knocked sharply lower this week in response to the latest report from the Energy Information Administration. The EIA showed that in the week ending December 6th, US crude stores rose by 800k barrels.
This was in stark contrast to the expected 2.8 million barrel drawdown which analysts were forecasting ahead of the release. The data came on the back of Tuesday’s API release, which reported 1.4 million barrels.
This latest increase in surplus levels takes inventories back up to 447 million barrels.
Gasoline & Distillate Stockpiles Rise
Elsewhere, the data was equally bearish. Gasoline inventories were seen higher by 5.4 million barrels over the week, marking a further increase from the prior week’s 3.4 million barrel increase.
Gasoline production over the week was higher by a significant 9.8 million barrels, again coming on the back of the prior week’s 9.9 million barrel increase.
Distillate fuel inventories, which include diesel and heating oil, were also highe...
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