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Crude Stocks Show Larger Build Than Forecast

OIL

Much larger build than forecast for the headline crude stocks (+9.4mln bbls vs. Exp. +256k) - but partially priced in due to similar pattern in last night's API data.

  • Headline build countered somewhat by deeper draw than forecast for gasoline (-3.6mln vs. Exp. -136k).
  • Deeper draw also present in distillates, while refinery utilization drops unexpectedly (-2.50% vs. Exp. +0.22%)

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