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Headline Crude Stockpiles Build Much Faster Than Forecast

CRUDE
  • Crude headline stockpiles much higher than expected: 4.47mln bbls against expectations of a 800k draw.
  • Gasoline inventories also show a surprise build of 163k vs. Exp. draw of 1mln bbls, while distillates counter somewhat: draw of 2.4mln bbls against exp. of a build of 740k bbls.
  • Meanwhile the SPR drops another 4.7mln bbls to 470mln bbls.

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