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Disappointingly for bulls, crude oil prices were softer this week as the latest industry data showed yet another build in inventories.
The latest Energy Information Administration report indicated that US crude stockpiles rose 1.3 million barrels in the week ending February 1st. This was less than half of the 3.7 million barrel build for which the market was looking.
Sitting at just over 447 million barrels, US crude stockpiles are now around 6% higher than the five-year average for this time of year. The report comes just a day after the American Petroleum Institute issued its weekly report noting a 2.5 million barrel build in crude inventories.
Gasoline Inventories UP
The data in the report also showed that gasoline inventories rose by 500k barrels over the week, now sitting around 5% above the average for this time of year.
However, distillate inventories (which include diesel and heating oil) were down...
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